By Wendy Van Sickle
Columbus, Ohio, May 16 – First Industrial Realty Trust, Inc. priced $150 million of 10-year 3.97% series E guaranteed senior unsecured notes, according to a press release.
The notes have an effective interest rate of 4.23% reflecting the settlement of interest rate protection agreements related to the offering.
The transaction is expected to settle on July 23.
“The offering proceeds essentially refinance the $72 million of secured debt we paid off in the first quarter plus the additional $35 million we plan to pay off in the second half of the year at a weighted average interest rate of 7.74%,” Scott Musil, chief financial officer of First Capital, said in the release.
Proceeds will be used for general corporate purposes including repayment of maturing secured debt and outstanding borrowings on the company's unsecured line of credit and new investment.
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.
|
| Issue: | Guaranteed senior notes, series E
|
| Amount: | $150 million
|
| Tenor: | 10 years
|
| Coupon: | 3.97%
|
| Pricing date: | May 16
|
| Settlement date: | July 23
|
| Distribution: | Private placement
|
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