First Industrial Realty Trust, Inc. Closes $750 Million Unsecured Revolving Credit Facility and $200 Million Unsecured Term Loan
July 07, 2021 at 06:27 pm EDT
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First Industrial Realty Trust, Inc. announced it has closed a $750 million senior unsecured revolving credit facility. The facility amends and restates the Company's previous revolving credit facility. The new revolving credit facility matures on July 7, 2025, with two six-month extension options subject to certain conditions. The facility provides for interest-only payments initially at an interest rate of LIBOR plus 77.5 basis points based on the Company's current consolidated leverage ratio and credit ratings, a 32.5 basis point improvement in its credit spread compared to the previous facility. The facility also provides for a facility fee of 15 basis points and includes an accordion feature that allows First Industrial to increase the aggregate revolving borrowing capacity to $1 billion, subject to certain conditions.
First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate company. The Company owns, manages, acquires, sells, develops, and redevelops industrial real estate. Through its fully integrated operating and investing platform, the Company provides facilities and customer service to multinational corporations and regional firms that are essential for their supply chains. The Company owns approximately 428 industrial properties, of which 422 are classified as in-service. The 422 in-service industrial properties contained an aggregate of approximately 64.9 million square feet of gross leasable area (GLA) in 18 states, with a diverse base of tenants engaged in a wide variety of businesses, including e-commerce, third-party logistics and transportation, consumer and other manufactured products, retail and consumer services, food and beverage, lumber and building materials, wholesale goods, health services, governmental and other.
FIRST INDUSTRIAL REALTY TRUST, INC. 
