STAG Industrial, Inc. Enters Into a $350 Million Unsecured Credit Facility
BOSTON, Sept. 13, 2012 /PRNewswire/ -- STAG Industrial, Inc. (NYSE: STAG) (the "Company") announced that it entered into a new $350 million unsecured credit facility. The credit facility consists of a $200 million unsecured senior revolving credit facility and a $150 million unsecured term loan.
"We are extremely pleased with the continued strong support from our banks," said Ben Butcher, the Company's CEO. "This credit facility allows us to extend the maturity of existing debt as well as increase the capital we have available for future acquisitions enabling us to maintain our conservative capital structure."
The $200 million unsecured revolving credit facility matures on September 10, 2016, has a one-year extension option, and has an accordion feature of up to $300 million. The $150 million unsecured term loan has a maturity date of September 10, 2017. This credit facility replaces the Company's prior $100 million secured corporate revolving credit facility, which was scheduled to mature on April 20, 2014, and retires the remaining balance of its secured loan with Wells Fargo Bank, which was scheduled to mature in the October 2013.
Borrowings under the credit facility bear interest at a floating rate equal to, at the Company's election, the Eurodollar Rate or the Base Rate plus a spread that depends upon the Borrower's leverage ratio and ranges from 1.65% to 2.25% for Eurodollar Rate based borrowings and from 0.65% to 1.25% for Base Rate based borrowings. At September 13, 2012, the spread on the revolving credit facility and term loan was 1.65%.
As of September 13, 2012, there were no amounts outstanding under the revolving credit facility and $100 million was outstanding under the term loan.
The credit facility was led by a syndicate of financial institutions including Bank of America, N.A., as administrative agent, Letter of Credit Issuer and Swing Line Lender, together with Royal Bank of Canada and Wells Fargo Bank National Association serving as co-syndication Agents. Other lenders include PNC Bank, National Association, Capital One, National Association, Raymond James Bank, N.A., TD Bank, N.A. and UBS Loan Finance LLC.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a fully integrated, full service real estate company focused on the acquisition, ownership and management of single-tenant industrial properties throughout the United States. STAG's portfolio consists of 129 properties in 29 states with approximately 22.1 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 STAG Industrial, Inc. (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 risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2011, 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.
SOURCE STAG Industrial, Inc.
More by this Source
STAG Industrial, Inc. Announces Acquisition And Leasing Activity For February 2014
Mar 03, 2014, 09:15 ET
STAG Industrial, Inc. Sets Record Date For Annual Stockholders' Meeting And Declares First Quarter Dividends For Its Preferred Stock And Second Quarter Dividends For Its Common Stock
Feb 25, 2014, 17:14 ET
STAG Industrial Announces Fourth Quarter And Year End 2013 Results
Feb 12, 2014, 16:01 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.