STAG Industrial Announces $150 Million Revolver Upsize And New $150 Million Term Loan

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Oct 01, 2015, 07:00 ET

BOSTON, Oct. 1, 2015 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE: STAG), a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States, today announced a $150 million upsize of its unsecured revolving credit facility ("Revolving Credit Facility") and a new $150 million, five year, unsecured term loan ("Term Loan C"). The result of these transactions is $300 million in additional debt capacity, which results in approximately $575 million in current, aggregate available debt capacity.

$150 million Unsecured Revolving Credit Facility Upsize
The $150 million Revolving Credit Facility upsize increases the Company's existing $300 million Revolving Credit Facility to $450 million. There were no changes to the pricing or maturity of the Revolving Credit Facility. The Revolving Credit Facility continues to bear a current interest rate of LIBOR plus a spread of 1.15% based on the Company's current leverage levels and matures in December 2019. Additionally, the Revolving Credit Facility has an accordion feature that allows the Company to request an up to $350 million upsize of the facility, subject to lender consent.

New $150 million, Five Year Unsecured Term Loan
The new $150 million Term Loan C provides the Company additional committed debt capital while maintaining the integrity of the Company's debt maturity ladder. The loan includes a twelve month delay-draw feature with no amount drawn to date. Term Loan C bears a current interest rate of LIBOR plus a spread of 1.30% and matures in September of 2020. Additionally, Term Loan C has a $100 million accordion feature that allows the Company to request an upsize of the facility upon the same terms, subject to lender consent.

"Not only does this transaction allow STAG to build additional liquidity, but it also expands STAG's lending group to add diversity and scale to STAG's lending relationships," commented Geoffrey Jervis, STAG Industrial's Chief Financial Officer.

The participating banks and their roles within these transactions are listed below:

Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner and Smith Incorporated served as Lead Arrangers and Bookrunners on the Revolving Credit Facility, 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, Regions Bank and Royal Bank of Canada serve as Co-Documentation Agents. Other lenders are PNC Bank, National Association, TD Bank, N.A., Citibank, N.A., Raymond James Bank, N.A., U.S. Bank National Association, Morgan Stanley Bank, N.A., and Branch Banking and Trust Company.

Wells Fargo Securities, LLC served as Lead Arranger and Bookrunner on the Term Loan C Agreement, with Wells Fargo Bank, National Association serving as Administrative Agent and Capital One, National Association, Regions Bank, and PNC Bank, National Association serving as Co-Syndication Agents, Joint Lead Arrangers, and Bookrunners. Other lenders are U.S. Bank National Association, Bank of America, N.A., Citibank, N.A., TD Bank, N.A., Branch Banking and Trust Company, Raymond James Bank, N.A., and Morgan Stanley Bank, N.A.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition and operation of single-tenant industrial properties throughout the United States. The Company's portfolio consists of 279 buildings in 37 states with approximately 51.8 million rentable square feet.

For additional information, please visit the Company's website at www.stagindustrial.com.

Forward-Looking Statements

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, 2014, 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.