STAG Industrial, Inc. announced that it entered into a note purchase agreement to issue $450 million of fixed rate senior unsecured notes in a private placement offering with a weighted average fixed interest rate of 6.17%. The transaction consists of $175 million of 6.05% notes with a five-year term maturing on May 28, 2029; $125 million of 6.17% notes with a seven-year term maturing on May 28, 2031; and $150 million of 6.30% notes with a ten-year term maturing on May 28, 2034. The Company anticipates closing the offering on May 28, 2024.

The notes have not been and will not be registered under the Securities Act of 1933 or the securities laws of any state or other jurisdiction and may not be offered or sold in the United States or any other jurisdiction absent registration or an exemption from the registration requirements of the Securities Act of 1933 and the applicable securities laws of any state or other jurisdiction. In addition, the Company refinanced a $200 million unsecured term loan that was set to mature in January 2025. The term loan now matures March 25, 2027, with two one-year extension options, subject to certain conditions.

The term loan bears an aggregate fixed interest rate, inclusive of interest rate swaps, of 2.94% until January 15, 2025 and will bear an aggregate fixed interest rate, inclusive of interest rate swaps, of 4.83% from January 15, 2025 through March 25, 2027. For the unsecured term loan previously maturing in 2025, Wells Fargo Securities, LLC served as Left Lead Arranger and Bookrunner, with BofA Securities, Inc., BMO Capital Markets Corp, and U.S. Bank, N.A. serving as Joint Lead Arrangers. Other lenders include PNC Bank, N.A., TD Bank, N.A., Raymond James Bank, Regions Bank, and Truist Bank.