First Industrial Borrows $200M to Repay Other Debt
First Industrial Realty Trust Inc., Chicago, has gotten a $200 million unsecured term loan which will be used to repay other debt and for general corporate purposes.
Wells Fargo Securities and PNC Capital Markets are the joint lead arrangers and joint book runners. The other lenders are Regions Bank, Union Bank and Fifth Third Bank.
The new debt will be used to prefund borrowings which come due this year and next. It has interest-only payments. The initial interest rate is Libor plus 175 basis points.
A swap agreement effectively gives the loan an interest rate of 4.04% per year.