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Agree Realty Announces $625 Million Commercial Paper Program
Agree Realty Corporation (NYSE: ADC) (the "Company") today announced the establishment of its inaugural commercial paper program. The program allows the Company, through its subsidiary, Agree Limited Partnership (the "Issuer"), to issue up to $625 million of short-term, unsecured commercial paper notes. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all the Issuer's other senior unsecured indebtedness. The notes will b
About this update from Agree Realty Corporation
[{"type":"text","content":"ROYAL OAK, Mich., March 31, 2025 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced the establishment of its inaugural commercial paper program. The program allows the Company, through its subsidiary, Agree Limited Partnership (the "Issuer"), to issue up to $625 million of short-term, unsecured commercial paper notes. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all the Issuer's other senior unsecured indebtedness. The notes will be fully and unconditionally guaranteed by the Company and certain of its subsidiaries. Note proceeds will be used for general corporate purposes.","length":723,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Agree Realty Corporation)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Agree Realty Corporation)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":184,"url":"https://media.zenfs.com/en/prnewswire.com/d5d8ddabecd3f678211abff0619a66d9"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/t1J1iFjSzUKo.R12iB3iUg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTMyNDtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/d5d8ddabecd3f678211abff0619a66d9","width":400,"height":184}},"href":"https://mma.prnewswire.com/media/454296/Agree_Realty_Corporation_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The commercial paper program further diversifies and strengthens the Company's balance sheet by providing another source of short-term capital. The Company expects to realize cost benefits in the commercial paper market versus its $1.25 billion revolving credit facility, and it expects to use its revolving credit facility as a liquidity backstop for the repayment of the notes issued under the commercial paper program.","length":425,"tagName":"p"},{"type":"text","content":"The notes and guarantees to be offered under the commercial paper program have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes under the Issuer's commercial paper prog...