By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – First Industrial Realty Trust, Inc. priced $150 million of 10-year 3.86% series C guaranteed senior notes and $150 million of 12-year 3.96% series D guaranteed senior notes through a private placement, according to a press release.
The parent company entered into a note and guaranty agreement on Dec. 13, and the transaction is expected to settle on Feb. 15.
“This $300 million private placement offering represents another significant step in our long-term capital plan to lower borrowing costs and extend and ladder our maturities,” said Scott Musil, chief financial officer of First Capital, in the release.
“The credit spread on each tranche was 30 basis points lower than the spread on our $200 million senior unsecured debt offering we executed in February 2017, helped in part by the further strengthening of our credit profile and improved credit ratings.”
First Industrial is a Chicago-based owner and operator of industrial real estate and provider of supply-chain services.
| Issuer: | First Industrial Realty Trust, Inc.
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| Issue: | Guaranteed senior notes
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| Amount: | $300 million
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| Pricing date: | Dec. 13
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| Settlement date: | Feb. 15
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| Distribution: | Private placement
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|
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| Series C
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| Amount: | $150 million
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| Tenor: | 10 years
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| Coupon: | 3.86%
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|
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| Series D
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| Amount: | $150 million
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| Tenor: | 12 years
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| Coupon: | 3.96%
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