Four Corners Property Trust (NYSE: FCPT) has amended its unsecured credit facility, increasing its size from $940 million to $1.15 billion through a new $400 million senior unsecured term loan maturing in August 2031, according to a company statement.

The new term loan, referred to as the 2031 Term Loan, will be used in part to repay $190 million in outstanding loans maturing in November 2026 and February 2027. The remaining $210 million in proceeds are expected to fund investments and general corporate purposes. At closing, $360 million of the loan was drawn, with the balance available as delayed draw commitments expected to be utilized by the end of Q3 or early Q4 of 2026.

Based on FCPT's current investment grade ratings of BBB/Baa3 from Fitch and Moody's, the interest rate on term loans is set at SOFR plus 0.90%, and SOFR plus 0.85% for revolving loans. With SOFR at approximately 3.6%, the all-in rate on the term loan is approximately 4.5%. The company estimates the 5-10 basis point improvement in credit spreads will save approximately $450,000 in annual interest expense across $800 million in term loan tranches.

The amendment also extends the maturity of an existing $85 million term loan tranche to March 2028, with an additional one-year extension option at the company's discretion.

On a fully drawn basis, FCPT's total term loan balance will be 72% swapped to fixed at a blended rate of 3.1%, effective August 2026, with the overall debt profile 82% fixed including all outstanding debt.

CFO Patrick Wernig said the transaction "addresses virtually all near term maturities" and noted that Citibank and Royal Bank of Canada joined as new lenders. He added that FCPT will have full availability under its $350 million revolving facility following the transaction and that leverage remains below 6.0x.

JPMorgan Chase Bank and BofA Securities acted as joint lead bookrunners and arrangers for the transaction.