STAG INDUSTRIAL REFINANCES $1 BILLION UNSECURED CREDIT FACILITY

Rhea-AI Summary

STAG Industrial (NYSE:STAG) has successfully refinanced its $1 billion senior unsecured revolving credit facility. The new facility matures on September 8, 2028, with two six-month extension options, maintaining the same pricing terms. CFO Matts Pinard highlighted that this transaction has extended the company's weighted average debt maturities.

The refinancing involved several major financial institutions, with Wells Fargo Securities, as the Left Lead Arranger and Bookrunner, and BofA Securities, Inc. as a Joint Lead Arranger and Bookrunner. Other participating institutions include Bank of Montreal, Citibank, PNC Capital Markets, Regions Capital Markets, TD Bank, The Huntington National Bank, Truist Bank, and U.S. Bank, among others.

Positive

• Successful refinancing of $1 billion revolving credit facility
• Extended maturity date to September 8, 2028, with two six-month extension options
• Maintained same pricing terms as previous facility
• Extended weighted average debt maturities

Negative

• None.

BOSTON, Sept. 10, 2024 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) today announced that it refinanced its $1 billion senior unsecured revolving credit facility. The refinanced revolving credit facility matures on September 8, 2028, with two six-month extension options, subject to certain conditions and no changes to pricing.

"This transaction was successful and resulted in extending our weighted average debt maturities," said Matts Pinard, Chief Financial Officer of the Company. "We appreciate the support of our debt capital partners and look forward to working closely with them as we continue to drive growth further."

Wells Fargo Securities, LLC served as Left Lead Arranger and Bookrunner, with BofA Securities, Inc. serving as a 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 include Raymond James Bank, N.A., Royal Bank of Canada, and Associated Bank, N.A.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership, and operation of industrial properties throughout the United States. As of June 30, 2024, the Company's portfolio consists of 573 buildings in 41 states with approximately 114.1 million rentable square feet.

For additional information, please visit the Company's website at www.stagindustrial.com.

Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2023, as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

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SOURCE STAG Industrial, Inc.

FAQ

What is the new maturity date for STAG Industrial's refinanced credit facility?

STAG Industrial's refinanced $1 billion revolving credit facility matures on September 8, 2028, with two six-month extension options, subject to certain conditions.

Who were the lead arrangers for STAG Industrial's credit facility refinancing?

Wells Fargo Securities, served as the Left Lead Arranger and Bookrunner, while BofA Securities, Inc. served as a Joint Lead Arranger and Bookrunner for STAG Industrial's credit facility refinancing.

Did the pricing change for STAG Industrial's refinanced credit facility?

No, the pricing for STAG Industrial's refinanced $1 billion revolving credit facility remained unchanged from the previous terms.

What impact did the refinancing have on STAG Industrial's debt profile?

According to CFO Matts Pinard, the refinancing transaction successfully extended STAG Industrial's weighted average debt maturities.