Boston–STAG Industrial, Inc. announced that it closed a new $200 million unsecured term loan on July 12, 2019.
The new term loan matures on January 12, 2025, bears a current interest rate of LIBOR plus a spread of 1.00%, 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 $400 million, subject to certain conditions.
The Company entered into interest rate swaps to fix the interest rate of the term loan at 3.11% through the maturity date. Wells Fargo, Securities, LLC served as Left Lead Arranger and Bookrunner, with Capital One, National Association, BofA Securities, Inc and U.S. Bank National Association serving as Joint Lead Arrangers and Bookrunners.
TD Bank, N.A. and PNC Bank, National Association served as Co-Documentation Agents. Other lenders include Regions Bank, Raymond James Bank, N.A., Branch Banking and Trust Company, and Bank of Montreal.
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 395 properties in 38 states with approximately78.2 million rentable square feet.