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First Industrial Realty Trust Closes $850 Million Unsecured Revolving Credit Facility and $200 Million Unsecured Term Loan
FRFirst Industrial Realty Trust(FR) Prnewswire·2025-03-18 21:43

Core Viewpoint - First Industrial Realty Trust, Inc. has successfully closed an 850millionseniorunsecuredrevolvingcreditfacility,enhancingitsfinancialcapacityandextendingmaturitydatestosupportlong−termgrowth[1][2][7]FinancingDetails−ThenewrevolvingcreditfacilitymaturesonMarch16,2029,withoptionsfortwosix−monthextensions,andincludesanadditional850 million senior unsecured revolving credit facility, enhancing its financial capacity and extending maturity dates to support long-term growth [1][2][7] Financing Details - The new revolving credit facility matures on March 16, 2029, with options for two six-month extensions, and includes an additional 100 million in capacity [1][2] - Initial interest payments are set at SOFR plus 77.5 basis points, with a facility fee of 15 basis points, and an accordion feature allowing for an increase in borrowing capacity to 1billion[2]−Thecompanyhasalsorefinanceda1 billion [2] - The company has also refinanced a 200 million unsecured term loan, maturing on March 17, 2028, with similar interest terms [4][5] Credit Metrics - The pricing for both the revolving credit facility and the term loan is based on a favorable credit rating of BBB+/Baa1/BBB+, despite the current ratings being BBB/Baa2/BBB [6] - This pricing is contingent on maintaining a consolidated leverage ratio below 35.0% [6] Company Overview - First Industrial Realty Trust, Inc. is a leading owner, operator, developer, and acquirer of logistics properties in the U.S., focusing on high-quality facilities essential for supply chains [7] - The company owns and has under development approximately 69.5 million square feet of industrial space as of December 31, 2024, concentrated in 15 target metropolitan statistical areas [7]