Rexford enters rate-swap to fix future Libor on $100 million of debt

By Wendy Van Sickle

Columbus, Ohio, May 18 – Rexford Industrial Realty, Inc. entered into a rate-swap transaction on May 12 with U.S. Bank NA to fix the future Libor rate for $100 million of the debt outstanding under the company’s credit agreement dated Jan. 14 with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The transaction effectively fixes the annual interest rate for that portion of Rexford’s debt at 1.406% plus the applicable margin specified by the credit agreement for the period of Aug. 14, 2018 through Jan. 14, 2022.

Capital Markets LLC and U.S. Bank are the agreement’s lead arrangers and bookrunners, and U.S. Bank is the syndication agent.

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

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