STAG Industrial Lands $1B Refi
STAG Industrial Inc. has refinanced its $1 billion senior unsecured revolving credit facility. The new revolving credit facility has a maturity date set in 2028 and two six-month extension options, subject to certain conditions and no changes to pricing. The refinance resulted in extending the company’s weighted average debt maturities.
Wells Fargo Securities LLC served as left lead arranger and bookrunner, with BofA Securities Inc. acting as joint lead arranger and bookrunner. Bank of Montreal, Citibank N.A, PNC Capital Markets LLC, Regions Capital Markets, TD Bank N.A., The Huntington National Bank, Truist Bank and U.S. Bank N.A. served as joint lead arrangers. Other lenders included Raymond James Bank N.A., Royal Bank of Canada and Associated Bank N.A.
STAG Industrial did not reply to Commercial Property Executive’s request for additional information.
Wide reach
As of June 30, STAG’s portfolio consisted of 573 buildings in 41 states totaling about 114 million square feet. Companies don’t build portfolios of such size without being active in multiple markets simultaneously.
The firm’s annual acquisition volume averaged roughly $800 million over the last five years. In one of the more recent purchases, STAG acquired Beaverton Industrial Center, a two-building industrial campus in Beaverton, near Portland, Ore. Cushman & Wakefield represented the seller, BKM Capital Partners.
As for development, STAG currently has three projects underway across the U.S. One of them is a 300,000-square-foot, two-building industrial campus in Gibsonton, Fla., near Tampa. The firm is developing the facilities in partnership with Trammell Crow Co. and completion is expected in the last quarter of this year.
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