By Marisa Wong
Morgantown, W.Va., Feb. 23 – First Industrial Realty Trust, Inc. priced $125 million of 4.3% series A guaranteed senior notes due April 20, 2027 and $75 million of 4.4% series B guaranteed senior notes due April 20, 2029 through a private placement, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be issued through operating partnership First Industrial, LP and guaranteed by First Industrial Realty. The parent company entered into a note and guaranty agreement on Feb. 21, and the transaction is expected to settle on April 20.
Interest is payable semiannually.
The notes may be prepaid at any time, subject to a minimum amount of 5% of the outstanding amount, at par plus a make-whole amount.
BofA Merrill Lynch and Wells Fargo Securities LLC were the placement agents.
The company entered into amendments to its existing revolving credit facility and term loans on Jan. 26 to make conforming changes ahead of the notes issuance, the filing noted.
First Industrial is a Chicago-based owner and operator of industrial real estate and provider of supply-chain services.
| Issuer: | First Industrial, LP
|
| Guarantor: | First Industrial Realty Trust, Inc.
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| Issue: | Guaranteed senior notes
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| Amount: | $200 million
|
| Placement agents: | BofA Merrill Lynch and Wells Fargo Securities LLC
|
| Call option: | At any time at par plus a make-whole amount, subject to minimum of 5% of outstanding amount
|
| Pricing date: | Feb. 21
|
| Settlement date: | April 20
|
| Distribution: | Private placement
|
|
|
| Series A
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| Amount: | $125 million
|
| Maturity: | April 20, 2027
|
| Coupon: | 4.3%, payable semiannually
|
|
|
| Series B
|
| Amount: | $75 million
|
| Maturity: | April 20, 2029
|
| Coupon: | 4.4%, payable semiannually
|
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