BOSTON, February 8, 2021 / PRNewswire / – STAG Industrial, Inc. (the “Company”) (NYSE: STAG) today announced that it has increased the capacity of the Company’s unsecured credit facility to $ 750 million and refinanced $ 300 million term loan debt.
The Company exercised the accordion option of its unsecured credit facility capacity and increased its borrowing capacity from $ 500 million at $ 750 million without modification of prices, term and conditions. The transaction included a reduction of the LIBOR floor from 25 basis points to zero basis points.
In addition, the Company refinanced the $ 300 million unsecured term loan G, which was previously scheduled to mature in April 2021, before the extension options. The refinanced term loan bears a current interest rate of LIBOR plus a spread of 1.00%, a reduction of the spread of 50 basis points from the previous term loan, and matures on February 5, 2026.
“This transaction resulted in additional liquidity and improved pricing while lengthening the weighted average maturities of our debt,” said Bill crooker, chief financial officer of the company. “We appreciate the support of our debt capital partners and look forward to working closely with them as we continue to execute our growth plans.”
Wells Fargo Securities, LLC acted as Left Principal Arranger and Bookrunner, with BofA Securities, Inc., TD Securities LLC, Regions Capital Markets, PNC Capital Markets, LLC and Capital One NA as Joint Principal Arrangers . Other lenders include Citibank, NA, US Bank, NA, BMO Harris Bank NA, Raymond James Bank, NA, Truist Bank, Royal Bank of Canada, The Bank of East Asia, Limited, Associated Bank and American Savings Bank, FSB.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of single-tenant industrial properties through United States. From September 30, 2020, the Company’s portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet.
For more information, please visit the Company’s website at www.stagindustrial.com.
This press release, along with other statements and information made publicly available by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act. of 1934, as amended. The Company intends that such forward-looking statements be covered by the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for the purpose of complying with these provisions of the safe harbor. Forward-looking statements, which are based on certain assumptions and describe the future plans, strategies and expectations of the Company, are generally identifiable by the use of the words “believe”, “will”, “expect”, “have the”. intention to “,” anticipate “,” estimate “,” should “,” plan “or similar expressions. You should not rely on forward-looking statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the control of the Company and which could materially affect the results, performance or achievements. real. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, the failure of the Company to negotiate definitive buy and sell agreements or to meet closing conditions for such agreements. ‘buying and selling; the effects of the COVID-19 pandemic and the measures taken to contain its spread; and the risk factors discussed in the Company’s annual report on Form 10-K for the year ended December 31, 2019 as updated by the Company’s quarterly reports on Form 10-Q. Therefore, there can be no assurance that the Company’s expectations will be realized. Except as otherwise provided by federal securities laws, the Company disclaims any obligation or commitment to publicly release any update or revision to any forward-looking statement contained in this document (or elsewhere) to reflect any change in the Company’s expectations. in this regard or any change in events, conditions or circumstances on which such statement is based.
SOURCE STAG Industrial, Inc.