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First Industrial Realty closes on $950 million in credit facilities
Chicago, July 7 – First Industrial Realty Trust, Inc. has closed on a $750 million senior revolver and refinanced a $200 million term loan, according to a press release.
The new revolver amends and restates the company’s previous revolver.
The revolver matures July 7, 2025, with two six-month extension options.
The interest rate is initially Libor plus 77.5 basis points. The rate is based on the company’s current consolidated leverage ratio. The rate is 32.5 bps lower than the previous facility.
The facility fee is 15 bps. There is also an accordion feature that allow expansion of the facility to $1 billion.
Wells Fargo Securities, LLC, BofA Securities, Inc., PNC Capital Markets LLC, Regions Capital Markets and U.S. Bank NA were the joint lead arrangers, with Wells Fargo Bank, NA as administrative agent and Bank of America, NA and PNC Bank, NA as co-syndication agents. Other lenders include JPMorgan Chase Bank, NA, Citibank, NA, Royal Bank of Canada and Fifth Third Bank.
First Industrial also refinanced its $200 million term loan that matures July 7, 2026.
Interest on the term loan is Libor plus 85 bps, based on the company’s current consolidated leverage ratio and credit ratings. The rate is 65 bps better than the previous term loan.
Wells Fargo Securities, LLC, PNC Capital Markets LLC, Fifth Third Bank, NA and Regions Capital Markets served as the joint lead arrangers for the term loan, with Wells Fargo Bank, NA as the administrative agent and PNC Bank, NA as the syndication agent. U.S. Bank NA also participated in the term loan.
Current ratings for the company are Baa2/BBB.
First Industrial is a Chicago-based owner and operator of industrial real estate and provider of supply-chain services.
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