CHICAGO, July 22, 2013 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading owner and operator of industrial real estate and provider of supply chain solutions, today announced it has closed a new $625 million senior unsecured revolving credit facility. The new facility replaces the Company's previous $450 million facility.
The new facility matures on September 29, 2017, with a one-year extension option subject to certain conditions. The agreement provides for interest-only payments initially at a rate of LIBOR plus 145 basis points based on the Company's leverage ratio, an improvement of 25 basis points compared to the previous facility. The agreement also provides for an unused facility fee that ranges from 25 to 30 basis points based on the amount drawn on the facility. The rate and fees are subject to adjustment on the achievement of an Investment Grade Rating from one of certain rating agencies, at the Company's election. The facility includes an accordion feature that allows First Industrial to increase the aggregate revolving borrowing capacity to $825 million, subject to certain conditions.
"This new facility further strengthens our balance sheet, providing us with significant capacity and flexibility as we grow and enhance our portfolio," said Scott Musil, chief financial officer of First Industrial Realty Trust. "We thank our banking partners for their support and capital commitments."Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated were the Joint Lead Arrangers and Joint Book Runners, with Wells Fargo Bank, National Association as Administrative Agent, and Bank of America, N.A. as Syndication Agent, and PNC Bank, National Association, Regions Bank and U.S. Bank National Association as Co-Documentation Agents. Other lenders include UBS Loan Finance LLC, Fifth Third Bank, Union Bank, N.A. and Comerica Bank.