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STAG Industrial amends $200 million revolver, $150 million loan
By Toni Weeks
San Luis Obispo, Calif., Oct. 10 - STAG Industrial, Inc., through STAG Industrial Operating Partnership, LP, amended its credit agreement on Oct. 7 with Bank of America, NA as administrative agent, letter-of-credit issuer and swingline lender, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The agreement provides for an up to $200 million senior unsecured revolving credit facility due Sept. 10, 2016 with a one-year extension option and a $150 million unsecured term loan due Sept. 10, 2017.
Borrowings initially bear interest at Libor plus 145 basis points for the revolver and Libor plus 140 bps for the term loan.
The margin under the revolver may range from 145 bps to 205 bps, and under the term loan may range from 140 bps to 200 bps. The exact margins are based on the company's leverage ratio.
If STAG's senior unsecured long-term debt receives a debt rating, a pricing schedule based on the debt rating will instead apply. In that case, the revolver will accrue interest at Libor plus 92.5 bps to 170 bps, and the term loan will bear interest at Libor plus 105 bps to 205 bps.
With the amendment, the unused fee on the revolver was reduced to 20 bps to 25 bps. Likewise, the facility fee was reduced to 12.5 bps to 35 bps.
As of Oct. 10, roughly $28 million was outstanding under the revolver, and about $150 million was outstanding under the term loan.
Barclays Bank plc replaced UBS Loan Finance LLC as a lender in the amended credit agreement, assuming UBS's $10 million commitment. Other lenders include Royal Bank of Canada, Wells Fargo Bank, NA, PNC Bank, NA, Capital One, NA, Raymond James Bank, NA, TD Bank, NA and Regions Bank.
STAG is a Boston-based real estate company.
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