First Industrial Realty Trust Closes on $300M Term Loan
Chicago-based First Industrial Realty Trust, Inc. closed on a new and undrawn $300-million unsecured term loan. The interest-only loan has an initial maturity date of August 12, 2025 with two one-year extension options.
The company plans to use the proceeds for general business purposes, including the acquisition and development of property.
U.S. Bank National Association, BofA Securities, PNC Capital Markets and Regions Capital Markets serve as the joint lead arrangers and joint book runners. U.S. Bank serves as the administrative agent and the sustainability structuring agent. Bank of America serves as the syndication agent. PNC Bank, National Association and Regions Bank serve as the co-documentation agents. JPMorgan Chase Bank also participated in the term loan.
“With an effective tenor of five years, this new term loan is an attractive source of capital that supports our growth including funding our profitable development pipeline,” said Scott Musil, First Industrial’s CFO.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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