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Revolving Credit Facility and Term Loan, Net (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Balance Under Credit Agreement
The table below details the outstanding balances as of June 30, 2023 and December 31, 2022 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto which was originally entered into on July 24, 2017 and has been amended from time to time (the “Credit Facility”). On April 8, 2022, the Company, KeyBank and the other lender parties thereto amended and restated the Credit Facility.
Following the closing of the amendment and restatement of the Credit Facility, the Credit Facility consists solely of the senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”). The amount previously outstanding under the senior unsecured term loan facility (the “Term Loan”) was converted to the Revolving Credit Facility upon the amendment and restatement. In addition, the aggregate total commitments under the Credit Facility were increased from $1.17 billion to $1.45 billion, with a $50.0 million sublimit for letters of credit, a $50.0 million sublimit for swing loans and $100.0 million of which can only be used for U.S. dollar loans. The Credit Facility includes an uncommitted “accordion feature” that, so long as no default or event of default has occurred and is continuing, gives the Company the option to increase the commitments under the Credit Facility, allocated to either or both the Revolving Credit Facility or a new term loan facility, by up to an additional $500.0 million, subject to obtaining commitments from new lenders or additional commitments from participating lenders and certain customary conditions. In connection with the REIT Merger and subject to obtaining commitments from new lenders or additional commitments from participating lenders, the Company expects to exercise this “accordion feature” to increase the commitments under our Credit Facility by $500.0 million to facilitate the repayment of RTL’s credit facility and to create additional availability after the Proposed Transactions are completed.
On July 26, 2022, the Company entered into an amendment to the Credit Facility to, among other things, increase the maximum aggregate asset value attributable to unencumbered pool assets located in approved foreign countries. The amendment increases the Company’s flexibility to add properties to the pool of unencumbered assets which impacts the amount available for draw under the Credit Facility.
June 30, 2023December 31, 2022
(In thousands)
TOTAL USD (1)
USDGBPEURCAD
TOTAL USD (2)
USDGBPEURCAD
Revolving Credit Facility$1,038,502 $332,000 £261,000 €319,075 $38,000 $669,968 $287,000 £57,000 €267,075 $38,000 
Total Credit Facility$1,038,502 $332,000 £261,000 €319,075 $38,000 $669,968 $287,000 £57,000 €267,075 $38,000 
(1) Assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.09 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.75 as of June 30, 2023 for illustrative purposes, as applicable.
(2) Assumes exchange rates of £1.00 to $1.21 for GBP , €1.00 to $1.07 for EUR and $1.00 CAD to $0.74 as of December 31, 2022 for illustrative purposes, as applicable.