First Industrial arranges $625 million revolver at Libor plus 145 bps

By Toni Weeks

San Luis Obispo, Calif., July 22 - First Industrial LP entered into an amended and restated unsecured revolving credit agreement on July 19 providing for $625 million of revolving borrowings, according to an 8-K filed Monday with the Securities and Exchange Commission.

Borrowings may be increased by up to $200 million, subject to certain conditions.

Interest will accrue at Libor plus 145 basis points based on the company's leverage ratio. If the company achieves an investment-grade rating, the rate may be decreased.

The credit facility matures on Sept. 29, 2017.

The previous facility provided for $450 million of revolving borrowings that could be increased to $500 million. The interest rate on the prior facility was Libor plus 170 bps.

Borrowings are guaranteed by First Industrial Realty Trust, Inc.

Proceeds will be used for general business purposes, including working capital, repayment of debt and the acquisition and development of property.

First Industrial is a Chicago-based owner and operator of industrial real estate and provider of supply-chain services.

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