First Industrial Realty Trust Inc., a Chicago-based real estate investment trust, has announced that its operating partnership, First Industrial LP, has priced an offering of $175 million of exchangeable senior unsecured notes.The offering was made to qualified institutional buyers under rule 144A of the Securities Act of 1933. The operating partnership has granted the initial purchasers an option to buy up to $25 million in additional principal amount of notes to cover any overallotments. The REIT said the notes will have an initial exchange rate of approximately 19.6356 common shares per $1,000 principal amount.

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