{"id":1004509525,"date":"2021-02-09T04:00:09","date_gmt":"2021-02-09T12:00:09","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004509525"},"modified":"2021-05-15T10:04:55","modified_gmt":"2021-05-15T18:04:55","slug":"stag-industrial-boosts-credit-facility-capacity-by-250m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stag-industrial-boosts-credit-facility-capacity-by-250m\/","title":{"rendered":"STAG Industrial Boosts Credit Facility Capacity by $250M"},"content":{"rendered":"
\"2909<\/a>

2909 Pleasant Center Rd., Fort Wayne, Ind. Image courtesy of JLL<\/em><\/p><\/div>\n

STAG Industrial Inc., of Boston, has increased the capacity of its unsecured credit facility to $750 million and refinanced $300 million of term loan debt.<\/p>\n

\n

READ ALSO<\/strong>: CRE Foreign Investment Update<\/a><\/p>\n

\n

STAG exercised the accordion option of its unsecured credit facility<\/a> and increased its borrowing capacity from $500 million to $750 million with no change to pricing, maturity and terms. The transaction included a reduction in the LIBOR floor from 25 basis points to zero basis points.<\/p>\n

In addition, STAG refinanced a $300 million unsecured term loan, which had been set to mature in April 2021, before extension options. The refinanced loan bears a current interest rate of LIBOR plus a spread of 1.00 percent, which is a 50-basis point spread reduction from the previous term loan, and matures on Feb. 5, 2026.<\/p>\n

Bill Crooker, the company\u2019s CFO, said in a prepared statement that the transaction resulted in additional liquidity and improved pricing, while extending STAG Industrial\u2019s weighted average debt maturities.<\/p>\n

Wells Fargo Securities LLC served as left lead arranger and bookrunner. BofA Securities Inc., TD Securities LLC, Regions Capital Markets, PNC Capital Markets LLC and Capital One N.A. served as joint lead arrangers. Other lenders included Citibank N.A., U.S. Bank N.A., BMO Harris Bank N.A., Raymond James Bank N.A., Truist Bank, Royal Bank of Canada, The Bank of East Asia Ltd., Associated Bank and American Savings Bank FSB.<\/p>\n

STAG did not reply to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

One at a time<\/h2>\n

STAG focuses on acquiring and operating single- and two-tenant industrial properties (warehouse, distribution and light manufacturing), preferably fully occupied, acquiring them through investor sales, sale-leasebacks and build-to-suit forward commitments, in deals of $5 million and up.<\/p>\n

Barely a week ago, Raith Capital Partners announced the sale of a 3 million-square foot industrial portfolio in the Midwest. In what seems like a typical move for STAG\u2014that is, steadily cherry-picking properties (even if they\u2019re unglamorous) that fit its strategy\u2014the REIT bought just one of the dozen properties<\/a>, a 764,200-square-foot bulk distribution center in Fort Wayne, Ind. <\/p>\n

The facility, at 2902 Pleasant Center Road, is fully occupied by Lippert Components Inc., a leading maker of parts for the recreational vehicle industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT, which specializes in single-tenant industrial properties, also refinanced a $300 million unsecured term loan. <\/p>\n","protected":false},"author":882,"featured_media":1004518033,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,23891,21742],"tags":[35970],"class_list":["post-1004509525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-national","category-latest","tag-stag-industrial"],"acf":[],"yoast_head":"\nSTAG Industrial Boosts Credit Facility Capacity by $250M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/stag-industrial-boosts-credit-facility-capacity-by-250m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STAG Industrial Boosts Credit Facility Capacity by $250M\" \/>\n<meta property=\"og:description\" content=\"The REIT, which specializes in single-tenant industrial properties, also refinanced a $300 million unsecured term loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/stag-industrial-boosts-credit-facility-capacity-by-250m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-09T12:00:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:04:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/2909-Pleasant-Center-Rd.-Fort-Wayne-Ind.-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"888\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stag-industrial-boosts-credit-facility-capacity-by-250m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/stag-industrial-boosts-credit-facility-capacity-by-250m\/\",\"name\":\"STAG Industrial Boosts Credit Facility Capacity by $250M - 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