First Industrial Realty starts tender for up to $125 million of notes

New York, Jan. 8 - First Industrial Realty Trust, Inc. said its operating partnership, First Industrial, LP, has begun a cash tender offer for up to $125 million principal amount of the partnership's 7 3/8% notes due 2011, 6 7/8% senior notes due 2012 and 6.42% senior notes due 2014.

The 7 3/8% notes with $143.498 million outstanding will be accepted first. First Industrial will pay $970 per $1,000 principal amount plus an early tender premium for notes tendered by 5 p.m. ET on Jan. 22 for a total of $1,000 per $1,000 principal amount.

The 6 7/8% notes with $144.065 million outstanding are second priority for acceptance. The amount on offer is the same as for the 7 3/8% notes.

Last in priority are the 6.42% notes with $113 million outstanding. First Industrial is offering $840 per $1,000 principal amount plus an early tender premium of $30 for a total of $870.

First Industrial will also pay accrued interest up to but excluding the date of payment.

The tender ends at 11:59 p.m. ET on Feb. 5.

There is no minimum for the tender to be completed.

Lazard Capital Markets LLC is lead dealer manager (877 364-0850 or 212 632-1979). J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC are co-dealer managers.

The information agent is Global Bondholder Services Corp. (866 952-2200 or 212 430-3774).

First Industrial is a Chicago-based owner and manager of industrial real estate.

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