STAG Industrial obtains $150 million term loan C, upsizes revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 1 – STAG Industrial, Inc. obtained a new five-year $150 million unsecured term loan C and upsized its unsecured revolving credit facility to $450 million, according to a Thursday press release.

The term loan C includes a one-year delay-draw feature and has not been drawn to date, the company said. Initially, it bears interest at Libor plus 130 basis points. It matures in September of 2020.

The term loan C has a $100 million accordion feature.

Wells Fargo Securities, LLC served as lead arranger and bookrunner on the term loan C agreement, with Capital One, NA, Regions Bank and PNC Bank, NA serving as co-syndication agents, joint lead arrangers and bookrunners and Wells Fargo Bank, NA as administrative agent.

The revolver increase is a $150 million upsize from its previous $300 million capacity. It continues to bear interest at Libor plus 115 basis points, based on the company’s current leverage ratio.

The revolver matures in December 2019 and has a $350 million accordion feature.

Wells Fargo Securities, LLC and Bank of America Merrill Lynch served as lead arrangers and bookrunners of the revolver, with Wells Fargo Bank, NA as administrative agent, Bank of America, NA as syndication agent and Capital One, NA, Regions Bank and Royal Bank of Canada as co-documentation agents.

STAG Industrial, Inc. is a Boston-based real estate company.

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