Terreno Realty Corporation Closes $200 Million Five-Year Unsecured Term Loan
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Key Terms
sofrfinancial
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
term loanfinancial
A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.
basis pointfinancial
A basis point is a unit equal to one one‑hundredth of a percent (0.01%), used to describe very small changes in interest rates, bond yields, fees or other percentage figures. Think of it like a single dollar change on $10,000: tiny by itself but meaningful when applied to large sums or repeated over time, so investors use basis points to track and compare small but financially significant moves precisely.
revolving credit facilityfinancial
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
BELLEVUE, Wash.--(BUSINESS WIRE)--
Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced the closing of a new $200 million five-year unsecured term loan. The new five-year unsecured term loan will mature on January 15, 2031, and the interest rate generally will be SOFR plus 1.15% to 1.65%, depending on leverage. Additionally, the previous 10 basis point SOFR credit spread adjustment premium was eliminated on all credit facility borrowings, including term loans. The current interest rate is SOFR plus 1.15%, and proceeds from the term loan were used to reduce borrowings under Terreno Realty Corporation’s $600 million revolving credit facility and for general corporate purposes.
KeyBanc Capital Markets, PNC Capital Markets LLC, Regions Capital Markets, U.S. Bank National Association, The Huntington National Bank and Citizens National Bank, N.A. served as joint lead arrangers and KeyBank National Association is the administrative agent. PNC Bank, National Association, Regions Bank, U.S. Bank National Association, The Huntington National Bank and Citizens National Bank, N.A. served as co-syndication agents. Other key participants were The Bank of Nova Scotia, BMO Bank N.A., Goldman Sachs Bank USA and Truist Bank.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle; 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,” “potential,” “enthusiastic,” “future” 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, 2024 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.
