- Oops!Something went wrong.Please try again later.
BOSTON, Feb. 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 of term loan debt.
The Company exercised the accordion option of its unsecured credit facility capacity and increased its borrowing capacity from $500 million to $750 million with no change to pricing, maturity, and terms. The transaction included a reduction in 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 set to mature in April 2021, before extension options. The refinanced term loan bears a current interest rate of LIBOR plus a spread of 1.00%, a 50 basis point spread reduction from the previous term loan, and matures on February 5, 2026.
"This transaction resulted in additional liquidity and improved pricing while extending our weighted average debt maturities," 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 on our growth plans."
Wells Fargo Securities, LLC served as Left Lead Arranger and Bookrunner, with, BofA Securities, Inc., TD Securities LLC, Regions Capital Markets, PNC Capital Markets, LLC, and Capital One N.A. serving as Joint Lead Arrangers. Other lenders include Citibank, N.A., U.S. Bank, N.A., BMO Harris Bank N.A., Raymond James Bank, N.A., 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 throughout the United States. As of September 30, 2020, the Company's portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
This press release, together with other statements and information publicly disseminated 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 such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the Company's failure to negotiate definitive purchase and sale agreements or to satisfy the closing conditions in purchase and sale agreements; the effects of the COVID-19 pandemic and actions 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. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
View original content to download multimedia:http://www.prnewswire.com/news-releases/stag-industrial-increases-unsecured-credit-facility-capacity-and-refinances-term-loan-301223318.html
SOURCE STAG Industrial, Inc.