FIRST INDUSTRIAL LP: debt financing — First Industrial closes $850M revolver, refinances $200M term loan

FIRST INDUSTRIAL LP

Revolving credit facility increased from $750M to $850M; accordion to $1B. Maturity March 16, 2029, with two six-month extensions.
Initial pricing at SOFR + 77.5 bps (no SOFR adjustment); based on BBB+/Baa1/BBB+ level despite current BBB/Baa2/BBB if leverage <35%.
Term loan of $200M refinanced; maturity March 17, 2028 with two one-year extensions. SOFR + 85 bps plus 10 bps SOFR adjustment.
$431M outstanding under revolving facility; proceeds for general corporate purposes, acquisitions, and construction.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FIRST INDUSTRIAL LP amended revolving credit of $850.0 million with Wells Fargo Bank, National Association, as administrative agent at base rate plus a margin of 0.00% to 0.40%, daily secured overnight financing rat maturing March 16, 2029.

Instrument: revolving credit
Principal: $850.0 million
Counterparty: Wells Fargo Bank, National Association, as administrative agent
Rate: base rate plus a margin of 0.00% to 0.40%, daily secured overnight financing rat
Maturity: March 16, 2029
Event: amendment

Exact text from the filing

The Amended and Restated Revolving Credit Agreement, among other things, (i) increases the borrowing capacity under the revolving facility from $750.0 million to $850.0 million and includes an accordion feature that allows the Operating Partnership to increase the aggregate facility size to an amount up to $1.0 billion, subject to the willingness of existing or new lenders to fund such increase and other customary conditions, (ii) extends the maturity date of the revolving facility from July 7, 2025 to March 16, 2029

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Source: SEC EDGAR

accession 0000921825-25-000023

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