Terreno restates $400 million credit facility for improved pricing

By Marisa Wong

Morgantown, W.Va., Oct. 22 – Terreno Realty Corp. announced it closed a $400 million amended and restated senior unsecured credit facility to replace its existing $350 million senior unsecured credit facility.

The credit facility consists of a $250 million revolving credit facility due October 2022, increased from $200 million and extended by two years, and $150 million of term loans.

The credit facility bears interest at a rate based on Terreno’s total debt as a percentage of total asset value, according to a press release.

Interest on the unsecured revolver is currently Libor plus 105 basis points, and the facility fee is 15 bps. Pricing was previously Libor plus 135 bps plus an unused fee of 20 bps.

Interest on the unsecured term loans is currently Libor plus 120 bps, reflecting a reduction of 10 bps.

The maturity dates of the outstanding term loans are unchanged.

KeyBanc Capital Markets, MUFG Union Bank, NA, PNC Capital Markets LLC and Regions Capital Markets acted as joint lead arrangers and KeyBank, NA as the administrative agent. MUFG Union Bank, PNC Bank, NA and Regions Banks acted as co-syndication agents. Other key participants were Goldman Sachs Bank USA and U.S. Bank NA.

Based in San Francisco, Terreno acquires, owns and operates industrial real estate in Los Angeles, Northern New Jersey/New York City, the San Francisco Bay Area, Seattle, Miami and Washington, D.C.

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