BOSTON, March 27, 2014 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), a company focused on the acquisition, ownership, and management of single-tenant industrial properties throughout the United States, announced today the closing of a new $150 million unsecured loan with a seven-year term.
"We are pleased to announce the closing of a new $150 million long term debt facility," said Ben Butcher, the Company's CEO. "This is another important component of our capital structure as we continue to ladder out our debt maturities in support of our conservative debt strategy."
The $150 million unsecured term loan matures on March 21, 2021, and has a feature that allows the Company to request an increase in total commitments to $250 million, subject to certain conditions. At the Company's election, Borrowings under the term loan bear interest at a floating rate plus a spread over either the Eurodollar Rate or the Base Rate. The spread depends upon the Company's leverage ratio and ranges from 1.70% to 2.30% for Eurodollar Rate based borrowings and from 0.70% to 1.30% for Base Rate based borrowings. At March 21, 2014, the spread on the term loan was 1.70%.
The Company has twelve months to draw the funds and none were drawn at the closing.
Wells Fargo Securities, LLC served as Lead Arranger and Book runner on the Loan Agreement with Wells Fargo Bank, National Association, serving as Administrative Agent.
About STAG Industrial, Inc.
STAG Industrial, Inc. is an industrial operating company focused on single-tenant, net-leased industrial properties throughout the United States. The Company's portfolio consists of 211 properties in 34 states with approximately 38.7 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, 2013, 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.
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SOURCE STAG Industrial, Inc.
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