- Unsecured revolving credit facility increased to $250 million and
interest rate reduced
- Term loans interest rates reduced
SAN FRANCISCO--(BUSINESS WIRE)--
Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator
of industrial real estate in six major coastal U.S. markets, announced
today the closing of a $400 million amended and restated senior
unsecured credit facility (the “Facility”) to replace its existing $350
million senior unsecured credit facility. Interest rates on the Facility
depend on Terreno Realty Corporation’s total debt as a percentage of
total asset value as defined by the Facility.
Additional highlights are as follows:
- $250 Million Revolving Credit Facility. The unsecured revolving credit
facility was increased from $200 million to $250 million and the
maturity was extended approximately two years to October 2022. The new
current interest rate on the unsecured revolving credit facility
decreased to LIBOR plus 1.05% and a facility fee of 15 basis points
(previously 1.35% plus an unused fee of 20 basis points); and
- $150 Million Term Loans. The new interest rate on the outstanding
unsecured term loans decreased to LIBOR plus 1.20% currently, a
reduction of 10 basis points. The maturity dates of the outstanding
term loans are unchanged.
KeyBanc Capital Markets, MUFG Union Bank, N.A., PNC Capital Markets LLC
and Regions Capital Markets served as joint lead arrangers and KeyBank,
N.A. is the administrative agent. MUFG Union Bank, PNC Bank, N.A. and
Regions Banks served as co-syndication agents. Other key participants
were Goldman Sachs Bank USA and U.S. Bank, N.A.
Terreno Realty Corporation acquires, owns and operates industrial real
estate in six major coastal U.S. markets: Los Angeles; Northern New
Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and
Washington, D.C.
Additional information about Terreno Realty Corporation is available on
the company’s web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. We caution investors that
forward-looking statements are based on management’s beliefs and on
assumptions made by, and information currently available to, management.
When used, the words “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,”
“seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,”
and similar expressions which do not relate solely to historical matters
are intended to identify forward-looking statements. These statements
are subject to risks, uncertainties, and assumptions and are not
guarantees of future performance, which may be affected by known and
unknown risks, trends, uncertainties, and factors that are beyond our
control, including risks related to our ability to meet our estimated
forecasts related to stabilized cap rates and those risk factors
contained in our Annual Report on Form 10-K for the year ended December
31, 2017 and our other public filings. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated,
estimated, or projected. We expressly disclaim any responsibility to
update our forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by law.
Accordingly, investors should use caution in relying on past
forward-looking statements, which are based on results and trends at the
time they are made, to anticipate future results or trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181022005149/en/
W. Blake Baird
Michael A. Coke, 415-655-4580
Source: Terreno Realty Corporation