STAG Industrial Enters Into $350 Million Unsecured Credit Facility

STAG Industrial

announced that it entered into a new $350 million unsecured credit facility. The credit facility consists of a $200 million unsecured senior revolving credit facility and a $150 million unsecured term loan. "We are extremely pleased with the continued strong support from our banks," said Ben Butcher, the Company's CEO. "This credit facility allows us to extend the maturity of existing debt as well as increase the capital we have available for future acquisitions enabling us to maintain our conservative capital structure." The $200 million unsecured revolving credit facility matures on September 10, 2016, has a one-year extension option, and has an accordion feature of up to $300 million. The $150 million unsecured term loan has a maturity date of September 10, 2017. This credit facility replaces the Company's prior $100 million secured corporate revolving credit facility, which was scheduled to mature on April 20, 2014, and retires the remaining balance of its secured loan with Wells Fargo Bank, which was scheduled to mature in the October 2013. Borrowings under the credit facility bear interest at a floating rate equal to, at the Company's election, the Eurodollar Rate or the Base Rate plus a spread that depends upon the Borrower's leverage ratio and ranges from 1.65% to 2.25% for Eurodollar Rate based borrowings and from 0.65% to 1.25% for Base Rate based borrowings. At September 13, 2012, the spread on the revolving credit facility and term loan was 1.65%. As of September 13, 2012, there were no amounts outstanding under the revolving credit facility and $100 million was outstanding under the term loan.