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Rexford Industrial Expands Revolving Credit Facility, Reprices Term Loan

July 06, 2021, 07:08 AM
Filed Under: Real Estate

Rexford Industrial Realty exercised the accordion option of the Company's existing unsecured revolving credit facility and increased the borrowing capacity by $200 million from $500 million to $700 million. All other material terms and conditions of the Company's unsecured revolving credit facility remain unchanged.

Separately, the Company announced the successful repricing of its $150 million unsecured term loan facility maturing May 22, 2025. Pricing was reduced by 60 basis points so that current pricing is LIBOR plus a spread of 95 basis points, subject to the Company's credit ratings, with all other material terms and conditions unchanged.

"The increased capacity of our unsecured revolving credit facility expands our substantial liquidity, further supporting our strong embedded internal and external growth prospects within infill Southern California, the nation's strongest industrial market," stated Laura Clark, Chief Financial Officer of the Company. "We are committed to maintaining a best-in-class, low-leverage balance sheet enabling Rexford to maximize long-term shareholder value."

In connection with the increased borrowing capacity on the Company's unsecured revolving credit facility, the syndicate of lenders was expanded to include Goldman Sachs Bank USA, Mizuho Bank, LTD. and The Bank of Nova Scotia.

Lenders for the $150 million unsecured term loan facility maturing May 22, 2025, include Capital One, National Association, as administrative agent and lead arranger, and Truist Bank.

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