First Industrial Realty Trust Renews Revolving Credit Facility27 August 2005
First Industrial Realty Trust, Inc. (NYSE: FR), the nation's largest provider of diversified industrial real estate, today announced that it has renewed its senior unsecured revolving credit facility. The new facility provides borrowing capacity up to $500 million and, subject to certain conditions, may be increased to $600 million.
Under the new facility, which replaces previous line of credit agreements,
the interest rate has been reduced to LIBOR plus 62.5 basis points, the
borrowing capacity has been increased by $200 million, and the maturity date has been extended by one year to September 28, 2008.
"The new credit facility gives First Industrial added financial flexibility, while reducing borrowing costs," said Mike Havala, chief financial officer. Our pipeline of investment opportunities has increased substantially and the additional capacity will support our capital recycling strategy and growth plans."
JPMorgan Chase Bank, N.A. acted as the administrative agent and achovia Bank, National Association acted as the syndication agent for the three-year senior unsecured revolving credit facility. Commerzbank AG, PNC Bank, National Association, and Wells Fargo Bank, N.A. were the documentation agents and AmSouth Bank, The Bank of New York, The Bank of Nova Scotia, Bank of Montreal and SunTrust Bank acted as co-agents.
At June 30, 2005, all of the Company's permanent debt was fixed rate with
a weighted average maturity of 8.9 years, and 96% of the Company's real estate assets were unencumbered by mortgages.
First Industrial Realty Trust, Inc., the nation's largest provider of diversified industrial real estate, serves every aspect of Corporate America's industrial real estate needs, including customized supply chain solutions,
through its unique I-N-D-L operating platform, which utilizes a pure
Industrial focus and National scope to provide Diverse facility types, while
offering Local, full-service management and expertise. Building, buying,
selling, leasing and managing industrial property in major markets nationwide, First Industrial develops long term relationships with corporate real estate directors, tenants and brokers to better serve customers with creative, flexible industrial real estate solutions.
Source: PR Newswire
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