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Rexford Industrial amends facility to add $100 million term loan
By Jennifer Chiou
New York, June 13 Rexford Industrial Realty, Inc. entered into an amendment to its existing revolving credit facility with Bank of America, NA as administrative agent, adding a $100 million five-year term loan to the existing $200 million revolver, according to an 8-K filing with the Securities and Exchange Commission.
In addition, the maturity date of the revolver was extended to June 11, 2018 from July 24, 2016. There is a one-year extension option.
The filing noted that the term loan comes due on June 11, 2019.
The aggregate principal amount of the amended facility may be increased to a total of up to $600 million.
The initial interest rate is Libor plus 155 basis points for the revolver and Libor plus 150 bps for the term loan.
The margin over Libor ranges from 130 bps 190 bps for the revolver. The spread was previously 135 bps to 205 bps.
The margin over Libor for the term loan ranges from 125 bps to 185 bps.
The rates are dependent on the companys leverage ratio.
The 8-K added that Rexford has to comply with the following:
A ratio of total debt to total asset value of not more than 60%;
A ratio of secured debt to total asset value of not more than 45%;
A ratio of total recourse debt to total asset value of not more than 15%;
A minimum tangible net worth of at least the sum of (a) $283,622,250 and (b) an amount equal to at least 75% of the net equity proceeds received by the company after March 31, 2014;
A ratio of adjusted EBITDA to fixed charges of at least 1.5 to 1.0.;
A ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and
A ratio of unencumbered NOI to unsecured interest expense of at least 1.75 to 1.0.
As of June 11, borrowings of $147.4 million were outstanding under the amended facility, including $47.4 million drawn under the revolver and $100 million under the term loan.
The borrower is a Los Angeles-based industrial real estate firm.
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