STAG INDUSTRIAL INCREASES UNSECURED CREDIT FACILITY TO $1 BILLION, REFINANCES UNSECURED TERM LOAN BY $150 MILLION AND REFINANCES UNSECURED TERM LOAN BY $175 MILLION
BOSTON, July 27, 2022 /PRNewswire/ — STAG Industrial, Inc. (the “Company”) (NYSE: STAG) today announced that it has $750 million senior unsecured revolving credit facility and refinanced two term loans due to mature in 2023 and 2024.
The Company increased its revolving credit facility to a notional amount of $1 billion. This represents an increase in the revolver’s capacity of $250 million with no change in price or maturity date.
In addition, the Company refinanced a $150 million unsecured term loan that was scheduled to mature within January 2023 and refinanced a $175 million unsecured term loan that was scheduled to mature within January 2024 with new term loans totaling $375 million. Term loans mature January 25, 2028 and bear an overall fixed interest rate, including interest rate swaps, of 3.31% at closing.
For the unsecured term loan maturing in 2023, BofA Securities, Inc. acted as lead arranger and bookrunner, while Wells Fargo Securities, LLC acted as lead arranger and bookrunner. joint book. PNC Bank, National Association, TD Bank, NA, Truist Securities, Inc., RBC Capital Markets and US Bank, National Association served as co-lead arrangers. Other lenders include Regions Bank, Raymond James BankNA, BMO Capital Markets Corp. and the Bank of East AsiaLimit.
For the unsecured term loan maturing in 2024, Wells Fargo Securities, LLC acted as left lead arranger and bookrunner, with BofA Securities, Inc. as joint lead arranger and bookrunner. TD Securities, LLC, Regions Capital Markets, PNC Capital Markets, LLC and BMO Capital Markets Corp. acted as joint lead arrangers. Other lenders include Raymond James BankNorth America, Royal Bank of CanadaThe Bank of East AsiaLimited, US Bank, National Association and Truist Securities, Inc.
For the senior unsecured revolving credit facility, Wells Fargo Securities, LLC acted as left lead arranger and bookrunner, with BofA Securities, Inc., as joint lead arranger and bookrunner. TD Securities, LLC, Regions Capital Markets, PNC Capital Markets, LLC, Truist Securities, Inc., Citibank, NA and US Bank National Association served as co-lead arrangers. Other lenders include BMO Capital Markets Corp., Raymond James BankNorth America, Royal Bank of CanadaThe Bank of East AsiaLimited and Associated Bank, NA
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of industrial properties through United States. From June 30, 2022the Company’s portfolio consists of 559 buildings in 40 states with approximately 111.5 million leasable square feet.
For more information, please visit the company’s website at www.stagindustrial.com.
This press release, together with other statements and information publicly released by 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 that such forward-looking statements 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 the purposes of complying with such 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 the use of the words “believe”, “will”, “expect”, “have the ‘intend’, ‘anticipate’, ‘estimate’, ‘should’, ‘plan’ or similar expressions. You should not rely on forward-looking statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect the results, performance or real achievements. Factors that could 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 fiscal year ended December 31, 2021, as updated by the Company’s Quarterly Reports on Form 10-Q. Accordingly, there can be no assurance that the Company’s expectations will be realized. Except as required by federal securities laws, the Company disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements contained herein (or elsewhere) to reflect any change in the Company’s expectations as to this regard or any change in events, conditions or circumstances on which such statement is based.
SOURCESTAG Industrial, Inc.