Rexford extends term loan to 2023, cuts pricing to Libor plus 170 bps

By Sarah Lizee

Olympia, Wash., July 3 – Rexford Industrial Realty, Inc. and its operating partnership’s subsidiaries modified their term loan agreement with Bank of America as lender on June 27 to, among other things, extend the maturity to Aug. 1, 2023 from Aug. 1, 2019 and decrease the interest rate, according to an 8-K filing with the Securities and Exchange Commission.

Pricing was lowered to Libor plus 170 basis points from Libor plus 190 bps.

The modification also provides for one 24-month extension option.

Additionally, the term loan repayment schedule was amended by adding 36 months of interest only payments, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity.

Rexford is a Los Angeles-based real estate investment trust focused on industrial properties in southern California.

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