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First Industrial Realty Trust Announces Early Results Of First Industrial, L.P. Tender Offer For Debt Securities

Stocks in this article: FR

CHICAGO, April 12, 2012 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR) today announced the early results for the previously announced cash tender offer (the "Offer") by its operating partnership, First Industrial, L.P., for up to $100,000,000 aggregate principal amount (the "Tender Cap") of First Industrial, L.P.'s outstanding 7.75% Senior Notes due 2032, 7.60% Notes due 2028, 7.15% Notes due 2027 and 6.42% Senior Notes due 2014 (collectively, the "Notes") on the terms and subject to the conditions set forth in an Offer to Purchase (the "Offer to Purchase") dated March 29, 2012 and the related Letter of Transmittal (the "Letter of Transmittal").


According to information provided by Global Bondholder Services Corporation, the depository and information agent for the Offer, as of 5:00 p.m., New York City time, on April 11, 2012 (the "Early Tender Time"), $22,400,000 aggregate principal amount of the 7.75% Senior Notes due 2032, $55,515,000 aggregate principal amount of the 7.60% Notes due 2028, none of the 7.15% Notes due 2027, and $9,000,000 aggregate principal amount of the 6.42% Senior Notes due 2014 had been validly tendered and not validly withdrawn.  First Industrial, L.P. has accepted for purchase all of these Notes, and, accordingly, each holder will be paid the applicable Total Consideration (as described in the Offer to Purchase), plus all accrued and unpaid interest from the last interest payment date, on or about April 16, 2012.

The Offer is scheduled to expire on April 25, 2012 at 11:59 p.m., New York City time, unless extended or earlier terminated (the "Expiration Time").  Unless First Industrial, L.P. increases the Tender Cap prior to the Expiration Time, up to an additional $13,085,000 aggregate principal amount of the Notes will be eligible for purchase following the Expiration Time.  First Industrial, L.P. expects any additional purchases under the Offer to be settled on or about April 30, 2012. 

The withdrawal deadline was 5:00 p.m. New York City time on April 11, 2012 (the "Withdrawal Deadline).  Accordingly, holders may no longer withdraw any validly tendered Notes prior to the Expiration Time, subject to limited exceptions.  Any Notes that were validly withdrawn before the Withdrawal Deadline may be re-tendered at any time prior to the Expiration Time. The Offer is subject to certain customary conditions, but is not conditioned on the tender of a minimum principal amount of Notes.  First Industrial, L.P. may amend, extend, or terminate the Offer any time.

Copies of the Offer to Purchase and Letter of Transmittal may be obtained from the Information Agent for the Offer, Global Bondholder Services Corporation at 866-952-2200 (toll-free) or 212-430-3774.

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