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First Industrial Realty borrows $300 million term loan due 2025
Chicago, Aug. 15 – First Industrial Realty Trust, Inc. and First Industrial LP signed for a new $300 million term loan due Aug. 12, 2025 on Friday, according to an 8-K filing with the Securities and Exchange Commission.
There are two one-year extension options at the company’s discretion.
None of the funds were drawn at closing, but the full amount may be borrowed by Aug. 11, 2023.
There is an unused fee of 20 basis points from Nov. 10 to Aug. 11, 2023.
Subject to certain conditions, the borrowers may request an additional $50 million.
Interest is between SOFR plus 75 bps to 160 bps, based on the company’s credit ratings and consolidated leverage ratio.
The starting rate at closing would be SOFR plus a credit spread adjustment of either 10 bps for one month or 15 bps for three months and 85 bps.
The initial rate is based on BBB+/Baa1 credit ratings, even though the company’s current ratings are BBB/Baa2. The favorable interest rate will be maintained if the company’s consolidated leverage ratio remains less than 32.5%.
U.S. Bank NA is the administrative agent.
Bank of America, NA is the syndication agent.
U.S. Bank NA is the sustainability structuring agent.
PNC Bank, NA and Regions Bank are the co-documentation agents.
U.S. Bank NA, BofA Securities, Inc., PNC Capital Markets LLC and Regions Capital Markets are joint lead arrangers and joint bookrunners.
Proceeds will be used for general business purposes, including the repayment of debt, working capital needs and the acquisition and development of property.
First Industrial is a Chicago-based owner and operator of industrial real estate and provider of supply-chain services.
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