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STAG Industrial Lines Up $300M Refi on Term Debt

Boston-based REIT STAG Industrial has refinanced $300 million of unsecured debt previously scheduled to mature within the next year. The two term loans that were refinanced, each $150 million, were due to mature in September 2020 and March 2021.

The new term loan also includes an accordion feature that allows STAG to increase the aggregate size of the term loan to $600 million. The company entered into interest rate swaps to fix the new term loan at 1.78% through April 2023.

“This transaction significantly strengthens our balance sheet during these uncertain times,” said CFO Bill Crocker. The refinancing “has effectively resulted in no debt maturities until 2022.”

Wells Fargo Securities served as left lead arranger and bookrunner, with PNC Bank, TD Bank, Regions Bank, and U.S Bank serving as joint lead arrangers. Other lenders include Bank of America, Eastern Bank, Truist Bank, Citibank, American Savings Bank and Raymond James Bank.

Photo: STAG Industrial headquarters at 1 Federal St. Image courtesy of Cresa.

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About Paul Bubny

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 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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