STAG Industrial, Inc. (NYSE: STAG) today announced that it refinanced $300 million of unsecured debt previously scheduled to mature within the next year.
The Company refinanced the $150 million unsecured term loan C, which would have matured on September 29, 2020, and the $150 million unsecured term loan B, which would have matured on March 21, 2021. The new term loan has an initial maturity date of April 16, 2021 and is subject to two one-year extension options at the Company's discretion, subject to certain conditions. The new term loan bears a current interest rate of LIBOR plus a spread of 1.50%, subject to a minimum LIBOR rate of 0.25%. The new term loan also includes an accordion feature that allows the Company to increase the aggregate size of the term loan to $600 million, subject to certain conditions. The Company entered into interest rate swaps to fix the interest rate of the new term loan at 1.78% through April 18, 2023.
"This transaction significantly strengthens our balance sheet during these uncertain times. The refinancing of term loan B and term loan C has effectively resulted in no debt maturities until 2022," 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 in the future."
Wells Fargo, Securities, LLC served as Left Lead Arranger and Bookrunner, with, PNC Bank, National Association, TD Bank, N.A., Regions Bank, and U.S Bank, National Association serving as Joint Lead Arrangers. Other lenders include Bank of America, N.A., Eastern Bank, Truist Bank, Citibank, NA., American Savings Bank, and Raymond James Bank, N.A.
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 December 31, 2019, the Company's portfolio consists of 450 buildings in 38 states with approximately 91.4 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
