First Industrial Realty Trust closes $625 million four-year revolver

By Susanna Moon

Chicago, March 10 – First Industrial Realty Trust, Inc. said it refinanced its loans with a new $625 million four-year senior unsecured revolving credit facility.

The agreement provides for interest-only payments initially at a rate of Libor plus 115 basis points based on leverage, which is an improvement of 35 bps compared with the previous facility, according to a press release.

The facility fee is 20 bps.

There may be a one-time adjustment to an investment-grade rating pricing grid, at the company’s option, the company said.

Wells Fargo Securities, LLC and Bank of America Merrill Lynch were the joint lead arrangers and bookrunners, with Wells Fargo Bank, NA as administrative agent. Bank of America, NA is the syndication agent, and U.S. Bank NA, PNC Bank, NA and Regions Bank are the co-documentation agents.

Other lenders include UBS AG, Stamford Branch, Fifth Third Bank, MUFG Union Bank, NA and Comerica Bank.

The facility includes an accordion that allows First Industrial to increase the revolver size to $900 million.

The facility matures on March 11, 2019 and has a one-year extension option.

“We are pleased to obtain this new credit facility, which gives us a longer borrowing runway and offers us significant capacity and flexibility to support our long-term growth,” Scott Musil, chief financial officer of First Industrial, said in the press release.

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

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