First Industrial Realty Trust enters into $ 750 million unsecured revolving credit facility and $ 200 million unsecured term loan

CHICAGO, July 7, 2021 / PRNewswire / – First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated property owner, operator and developer, today announced the closing of a $ 750 million Senior unsecured revolving credit facility. The facility amends and updates the Company’s previous revolving credit facility.

The new revolving credit facility matures on July 7, 2025, with two six-month extension options under certain conditions. The facility provides for interest payments only at an interest rate of LIBOR plus 77.5 basis points based on the consolidated leverage ratio and the Company’s current credit ratings, an improvement of 32.5 points base of its credit spread over the previous facility. The facility also provides for a 15 basis point facility fee and includes an accordion feature that allows First Industrial to increase overall revolving borrowing capacity to $ 1 billion, under certain conditions.

Wells Fargo Securities, LLC, BofA Securities, Inc., PNC Capital Markets LLC, Regions Capital Markets and US Bank National Association were the principal arrangers, with Wells Fargo Bank, National Association as administrative agent and Bank of America, NA and PNC Bank, National association as co-syndication agents. Other lenders include JPMorgan Chase Bank, NA, Citibank, NA, Royal Bank of Canada and Fifth Third Bank.

First Industrial also announced the refinancing of its $ 200 million unsecured term loan with a maturity date of July 7, 2026. The loan provides for interest payments only at an interest rate of LIBOR plus 85 basis points based on the consolidated leverage ratio and the Company’s current credit ratings, an improvement of 65 basis points from its credit spread over the previous term loan.

Wells Fargo Securities, LLC, PNC Capital Markets LLC, Fifth Third Bank, National Association and Regions Capital Markets acted as Joint Principal Arrangers for the $ 200 million term loan, with Wells Fargo Bank, National Association as administrative agent and PNC Bank, National Association as syndication agent. The US Bank National Association also participated in the term loan.

Given the strength of the Company’s key credit indicators, the initial pricing of the Senior Unsecured Revolving Credit Facility and Unsecured Term Loan is based on the BBB + / Baa1 credit rating level, although the Company’s current ratings are BBB / Baa2. This favorable pricing level will be maintained provided that the Company’s consolidated leverage ratio, as defined in the applicable agreements, remains below 32.5%.

“Our new credit facility and new term loan offer us lower borrowing costs and a longer term that supports our long-term growth,” said Scott musil, Chief Financial Officer of First Industrial Realty Trust, Inc. “We thank our banking partners for their commitment and support.”

About First Industrial Realty Trust, Inc.

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated industrial real estate owner, operator and developer with experience in providing cutting edge customer service to multinational corporations and regional clients. In the main markets of United States, our local market experts manage, rent, buy, (re) develop and sell bulk and regional distribution centers, light industrial facilities and other types of industrial facilities. In total, we own and have in development approximately 64.4 million square feet of industrial space as of March 31, 2021. For more information, please visit us at www.firstindustrial.com.

Forward-looking information

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend that such forward-looking statements be covered by the provisions of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by the use of the words “believe”, ” expect, “” plan “,” intend “,” anticipate “,” estimate “,” project “,” seek “,” target “,” the potential “,” the focus “,” can “, “” “” “Should” or similar words. Although we believe that the expectations reflected in forward-looking statements are based on reasonable assumptions, we cannot guarantee that our expectations will be met or that the results will not differ materially. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions in general and real estate markets in particular; changes in laws / regulations (including changes in laws governing the taxation of real estate investment trusts), local economic conditions in general and real estate markets in particular; changes in laws / regulations (including changes in laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; the uncertainty and economic impact of or fear of pandemics, epidemics or other public health emergencies, such as the recent 2019 coronavirus disease outbreak (COVID-19); our ability to qualify and maintain our status as a REIT; the availability and attractiveness of financing (including public and private capital) and changes in interest rates; the availability and attractiveness of the terms for additional debt redemptions; our ability to maintain our credit agency ratings; our ability to meet applicable financial covenants; our competitive environment; changes in the supply, demand and valuation of industrial properties and land in our current and potential market areas; our ability to identify, acquire, develop and / or manage properties on favorable terms; our ability to sell properties on favorable terms; our ability to manage the integration of the properties we acquire; potential liability related to environmental matters; defects or non-renewal of leases by our tenants; falling rental rates or rising vacancy rates; higher than expected building construction costs and delays in development or rental schedules; potential natural disasters and other potentially catastrophic events such as acts of war and / or terrorism; litigation, including costs associated with pursuing or defending claims and any adverse outcome; risks associated with our investments in joint ventures, including our lack of exclusive decision-making authority; and other risks and uncertainties described under the heading “Risk factors” and elsewhere in our annual report on Form 10-K for the fiscal year ended December 31, 2020, as well as the risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the SEC. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement any forward-looking statements. For more information on these and other factors that could impact us and the statements contained in this document, please refer to our documents filed with the SEC.

SOURCE First Industrial Realty Trust, Inc.

About Sharon Joseph

Check Also

CHC announces extension of its exchange offer

NEW YORK, October 15, 2021 / PRNewswire / – CHC Group LLC (the “Society” Where …

Leave a Reply

Your email address will not be published. Required fields are marked *