First Industrial Realty Trust Inc. has announced it has closed a new $450 million senior unsecured revolving credit facility agreement.
The new facility matures on Dec. 12, 2014, with a one-year extension option subject to certain conditions. The agreement provides for interest-only payments initially at a base rate of LIBOR plus 210 basis points based on the company’s leverage ratio, plus an unused facility fee that ranges from 25 to 35 basis points based on the amount drawn on the facility. The facility includes an accordion feature that allows First Industrial to increase the aggregate revolving borrowing capacity to $500 million.
Approximately $100 million of new borrowings under the new facility were used to pay off and retire a term loan under the prior credit facility due September 2012, which bore interest of LIBOR plus 325 basis points. Approximately $52 million of new borrowings under the new facility were used to pay off and retire the revolving line of credit under the prior credit facility, which bore interest of LIBOR plus 275 basis points plus a 50 basis point facility fee.
