Rexford Industrial amends covenant, thresholds under credit agreement

By Marisa Wong

Madison, Wis., July 20 – Rexford Industrial Realty, Inc. amended its amended and restated credit agreement with Bank of America, NA as administrative agent, swingline lender and letter-of-credit issuer on July 15, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, among other things, adds a maximum secured recourse debt covenant, which replaces the maximum recourse debt covenant in the original credit agreement.

The amendment also increases the cross default threshold for defaults in other material debt to $80 million from $20 million with respect to recourse debt and to $150 million from $50 million with respect to non-recourse debt.

In addition, the default threshold for judgments was increased to $40 million from $20 million.

The borrower is a Los Angeles-based industrial real estate firm.

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