By Lisa Kerner
Charlotte, N.C., May 20 - DCT Industrial Trust Inc. agreed in principle to issue $225 million of fixed-rate, senior unsecured notes with a weighted average interest rate of 4.93% in a private placement that is expected to close in June.
Proceeds will be used to repay amounts outstanding on the company's existing senior unsecured revolving credit facility, maturing senior unsecured term loan and maturing mortgage debt, according to a DCT news release.
The notes will have a weighted average maturity of 8.5 years and include five-, seven-, eight-, 10-, 11-, and 12-year maturities.
DCT, a Denver-based real estate investment trust, said the funding date of the notes is Aug. 1.
| Issuer: | DCT Industrial Trust Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $225 million
|
| Maturity: | 8.5 years (weighted average)
|
| Coupon: | 4.93% (weighted average)
|
| Settlement: | June
|
| Distribution: | Private placement
|
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