Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today the closing of a $350 million amended and restated senior unsecured credit facility (the "Facility") to replace its existing $300 million senior unsecured credit facility. The previously outstanding $50 million term loan that was to mature in May 2021 was repaid upon closing. Additional highlights are as follows:
  • $200 Million Revolving Credit Facility. The unsecured revolving credit facility was increased from $100 million to $200 million and the maturity was extended to August 2020. The interest rate on the unsecured revolving credit facility decreased to LIBOR plus 1.35%-1.90% (previously 1.50% to 2.05%), depending on leverage.
  • $50 Million Term Loan. The maturity date of the $50 million unsecured term loan was extended by approximately two years to August 2021. The interest rate on the $50 million unsecured term loan decreased to LIBOR plus 1.30%-1.85% (previously 1.50% to 2.05%), depending on leverage.
  • $100 Million Term Loan. The maturity date of the $100 million unsecured term loan was extended by approximately two years to January 2022. The interest rate on the $100 million unsecured term loan decreased to LIBOR plus 1.30%-1.85% (previously 1.50%-2.05%), depending on leverage.

KeyBanc Capital Markets, MUFG Union Bank, N.A., PNC Capital Markets LLC and Regions Capital Markets served as joint lead arrangers and KeyBank, N.A. is the administrative agent. MUFG Union Bank, N.A., PNC Bank, N.A. and Regions Banks served as co-syndication agents. Other key participants were Goldman Sachs Bank USA and U.S. Bank, N.A.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.

Additional information about Terreno Realty Corporation is available on the company's web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management's beliefs and on assumptions made by, and information currently available to, management. When used, the words "anticipate", "believe", "estimate", "expect", "intend", "may", "might", "plan", "project", "result", "should", "will", and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2015 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise.

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