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STAG refinances $750 million revolver, $150 million term loan, improves pricing on additional debt
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – STAG Industrial, Inc. refinanced its $750 million unsecured credit facility and a $150 million unsecured term loan and improved pricing on $675 million of unsecured debt, according to a news release.
The refinanced revolver matures on Oct. 24, 2025 and has two six-month extension options. It bears current interest of Libor plus 77.5 basis points and a facility fee of 15 bps, based on the company’s current leverage level and debt ratings, a reduction in pricing of 12.5 bps and 5 bps, respectively, compared to the previous revolver.
The company refinanced a $150 million unsecured term loan that was set to mature in March 2022. The refinanced term loan bears current interest of Libor plus a spread of 85 bps, a reduction in pricing of 15 bps compared to the previous term loan. It now matures on March 15, 2027.
STAG entered into interest rate swaps to fix the interest rate of the new term loan at 2.15% as of April 1, 2022 through March 15, 2027.
The company improved pricing on its $175 million unsecured term loan E, $200 million unsecured term loan F and $300 million unsecured term loan G. The term loans now bear a current interest rate of Libor plus 85 bps, a reduction in pricing of 15 bps compared to previous pricing, with no change to maturities.
For the revolver, Wells Fargo Securities, LLC served as left lead arranger and bookrunner, with BofA Securities, Inc. serving as a joint lead arranger and bookrunner. TD Securities, LLC, Regions Capital Markets, PNC Capital Markets, LLC and Truist Securities, Inc. served as joint lead arrangers.
For the term loan, Wells Fargo served as left lead arranger and bookrunner, with TD Securities as joint lead arranger and bookrunner.
STAG Industrial is a Boston-based real estate investment trust focused on single-tenant industrial properties.
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