First Industrial obtains $725 million revolver, refinances term loans

By Tali Rackner

Minneapolis, Nov. 1 – First Industrial Realty Trust, Inc. closed on a new $725 million four-year senior unsecured revolving credit facility, amending and restating its previous facility, according to a Wednesday press release.

The facility matures on Oct. 29, 2021, with the option for a one-year extension.

There is also an accordion option that could increase the borrowing capacity to a total of $1 billion.

The agreement provides for interest-only payments initially at a revised rate of Libor plus 110 basis points based on the company's current leverage ratio. The facility fee is now 15 bps.

In the future, the rate and fees are subject to a one-time adjustment to an investment-grade rating pricing grid, at the company's election, the release said.

Wells Fargo Bank, NA acted as administrative agent on the deal. Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. were the joint lead arrangers and bookrunners, with Bank of America, NA as syndication agent. U.S. Bank NA, PNC Bank, NA, JPMorgan Chase Bank, NA, Citibank, NA and Regions Bank served as co-documentation agents.

Refinancing

Frist Industrial also announced that it refinanced its $200 million unsecured term loan maturing Jan. 29, 2021 and $260 million unsecured term loan maturing Sept. 11, 2022, each with Wells Fargo Bank as administrative agent.

The $200 million loan features interest-only payments and now bears interest at Libor plus 120 bps, a 50 bps improvement in the credit spread from the prior rate.

The $260 million loan features interest-only payments and now bears interest at Libor plus 120 bps, a 40 bps improvement in the credit spread from the prior rate.

Both rates are subject to adjustment based on the company's leverage or credit ratings.

First Industrial is a Chicago-based owner and operator of industrial real estate and provider of supply-chain services.

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