STAG Industrial, Inc. (NYSE: STAG) today announced that it has closed a new $500 million senior unsecured revolving credit facility.
The new facility matures on January 15, 2023, with two six-month extension options, subject to certain conditions. The new facility bears a current interest rate of LIBOR plus a spread of 1.05% and a facility fee of 15 basis points based on the Company's current leverage level, a reduction in pricing of 10 and 5 basis points, respectively, compared to the Company's previous unsecured revolving facility. The new facility includes an accordion feature that allows the Company to increase the aggregate size of the facility to $1 billion, subject to certain conditions.
In addition, the Company announced a new $175 million, unsecured term loan. The new term loan matures on January 15, 2024, bears a current interest rate of LIBOR plus a spread of 1.20%, and features a twelve-month delayed-draw feature. The new term loan includes an accordion feature that allows the Company to increase the aggregate size of the term loan to $350 million, subject to certain conditions. On July 24, 2018, the Company entered into four interest rate swaps to fix the interest rate on the new term loan at 4.12% through the maturity date.
"This transaction enhanced an already strong balance sheet that continues to be well-positioned to support the Company's attractive opportunity set," 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 the Company continues its impressive growth trajectory."
Wells Fargo, Securities, LLC and Merrill Lynch, Pierce, Fenner and Smith Incorporated served as Lead Arrangers and Bookrunners, with Wells Fargo Bank, National Association serving as Administrative Agent, an L/C Issuer, and the Swing Line Lender, and Bank of America, N.A. serving as Syndication Agent and an L/C Issuer. Capital One, National Association, PNC Capital Markets, LLC, Regions Capital Markets and TD Securities (USA) LLC as Joint Lead Arrangers and Co-Documentation Agents. Citibank, N.A., Raymond James Bank, N.A., Royal Bank of Canada, and U.S. Bank National Association serve as Co-Senior Managing Agents. Other lenders include Branch Banking and Trust Company and Bank of Montreal.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company's portfolio consists of 360 properties in 37 states with approximately 71 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
