Rexford Industrial Realty enters forward-starting interest rate swap

By Angela McDaniels

Tacoma, Wash., March 1 – Rexford Industrial Realty, Inc. fixed the interest rate payable on $125 million of debt under its credit agreement at 1.349% plus an applicable margin under a forward-starting interest rate swap transaction with PNC Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.

The swap has an effective date of Feb. 14, 2018 and a termination date of Jan. 14, 2022.

As of the effective date, the company will have to make monthly fixed-rate payments calculated on a notional amount of $125 million while the counterparty will have to make monthly floating-rate payments based on Libor to the company referencing the same notional amount.

PNC Bank is the administrative agent of the credit agreement. U.S. Bank, NA is syndication agent. PNC Capital Markets LLC and U.S. Bank are joint lead arrangers and joint bookrunners.

Rexford is a Los Angeles-based industrial real estate firm.

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