STAG Industrial refinances with new $300 million term loan due 2021

By Sarah Lizee

Olympia, Wash., April 20 – STAG Industrial, Inc. refinanced $300 million of unsecured debt previously scheduled to mature within the next year with a new $300 million term loan due April 16, 2021, according to a press release.

The company refinanced the $150 million unsecured term loan C, which would have matured on Sept. 29, 2020, and the $150 million unsecured term loan B, which would have matured on March 21, 2021.

The new term loan is subject to two one-year extension options at the company's discretion, subject to some conditions.

The new term loan bears a current interest rate of Libor plus a spread of 150 basis points, subject to a minimum Libor rate of 0.25%.

The new term loan also includes an accordion feature that allows the company to increase the aggregate size of the term loan to $600 million, subject to some conditions.

The company entered into interest rate swaps to fix the interest rate of the new term loan at 1.78% through April 18, 2023.

Wells Fargo, Securities, LLC acted as left lead arranger and bookrunner, with PNC Bank, NA, TD Bank, NA, Regions Bank and U.S Bank, NA acting as joint lead arrangers. Other lenders include Bank of America, NA, Eastern Bank, Truist Bank, Citibank, NA, American Savings Bank and Raymond James Bank, NA.

STAG Industrial is a Boston-based real estate investment trust focused on single-tenant industrial properties.

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