July 17, 2020 Comments Off on First Industrial Garners $200M Refi Views: 468 Chicago News, Downtown

First Industrial Garners $200M Refi

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First Industrial Realty Trust entered into a new unsecured term loan facility that refinances its $200-million unsecured term loan facility previously scheduled to mature Jan. 29, 2021. The new loan has an initial maturity date of July 15, 2021 and is subject to two one-year extension options.

The Chicago-based REIT also entered into new interest rate swap agreements that convert the loan to a fixed interest rate of 2.49% next February.

“This transaction extends our maturities and improves our financial flexibility as the economy recovers from the impact of COVID-19,” said CFO Scott Musil.

Wells Fargo Securities and PNC Capital Markets served as the Joint Lead Arrangers and Joint Book Runners for the unsecured term loan facility, with Wells Fargo Bank as the administrative agent and PNC Bank as the syndication agent.

Regions Bank, Fifth Third Bank and U.S Bank National Association also participated in the new term loan facility.

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