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KeyBank Agents $350MM Credit Facility for Terreno Realty

August 24, 2021, 06:00 AM
Filed Under: Real Estate

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, closed a $350 million amended and restated senior unsecured credit facility to replace its existing $350 million senior unsecured credit facility. Interest rates on the Facility depend on Terreno Realty Corporation’s total debt as a percentage of total asset value as defined by the Facility.

Additional highlights are as follows:

  • $250 Million Revolving Credit Facility. The new current interest rate on the unsecured revolving credit facility decreased to LIBOR plus 1.00% (previously 1.05%) and will mature in August 2025; and
  • $100 Million Term Loan. The new interest rate on the outstanding unsecured term loans decreased to LIBOR plus 1.15% currently, a reduction of 5 basis points. The maturity date of the outstanding term loan was extended to January 2027.

KeyBanc Capital Markets, MUFG Union Bank, N.A., PNC Capital Markets LLC and Regions Capital Markets served as joint lead arrangers and KeyBank, N.A. is the administrative agent. MUFG Union Bank, PNC Bank, N.A. and Regions Banks served as co-syndication agents. Other key participants were Goldman Sachs Bank USA and U.S. Bank, N.A.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

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