First Industrial buys back $45 million notes in third, fourth quarters

New York, Oct. 26 - First Industrial Realty Trust Inc. said it has bought back a total of $45 million of notes in the third quarter and the fourth quarter to date.

In the third quarter the company repurchased $22.5 million of its 7.5% senior notes due 2017, $6.0 million of its 5.95% senior notes due 2017 and $9.4 million of its 7.6% senior notes due 2028.

For the fourth quarter so far it has bought back $6.0 million of its 7.6% senior notes due 2028 and $1.1 million of its 6.42% senior notes due 2014.

"During the quarter, we increased our liquidity by raising $77.6 million of secured debt, and continued to repurchase senior unsecured notes with higher coupon rates," said Scott Musil, chief financial officer, in the company's third quarter earnings release.

"As we generate proceeds from asset sales, we will allocate available capital to targeted new investments or debt reduction depending upon the relative opportunities."

The secured financing had a 10-year term and has a 4.85% interest rate over a 30-year amortization schedule. It was secured by 24 buildings totaling 2.3 million square feet.

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

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