First Industrial Realty Trust Secures $450 Million Senior Notes
First Industrial Realty Trust Announces Major Financial Move
First Industrial Realty Trust, Inc. (NYSE: FR), a prominent player in logistics real estate, has successfully priced a public offering of $450 million in senior unsecured notes. This strategic financial move is focused on enhancing the company's growth and operational capacity.
Details of the Senior Notes Offering
The company’s operating partnership, First Industrial, L.P., has priced the offering of 5.25% senior unsecured notes, which are set to mature in 2031. The notes were priced competitively at 99.265% of their principal value. This offering is expected to settle soon, following the customary closing conditions typical with such financial transactions.
Utilization of Proceeds
Proceeds from the sale of these notes will be allocated towards several key corporate purposes. This includes funding the acquisition of new properties, developing existing ones, and refinancing any outstanding debt. By utilizing these funds effectively, First Industrial intends to bolster its operational infrastructure and working capital.
Company’s Market Position and Portfolio
As of now, First Industrial Realty Trust owns and manages approximately 70.2 million square feet of industrial space across prime markets in the U.S. Their focus remains on supply-constrained, coastal markets that are vital for logistics and distribution. The company prides itself on providing high-quality facilities paired with leading customer service for both multinational corporations and regional businesses.
Collaboration with Financial Partners
This offering included a strong lineup of financial institutions as joint book-running managers and co-managers. J.P. Morgan Securities LLC, PNC Capital Markets LLC, and Wells Fargo Securities, LLC, among others, facilitated this transaction, reinforcing the company's market credibility.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. is recognized as a reliable owner, operator, and developer of logistics properties in the U.S. The company has an integrated platform that allows it to cater to the needs of its clients effectively while ensuring their logistical demands are met with high-quality service.
Frequently Asked Questions
What are the terms of the senior notes offered by First Industrial Realty Trust?
The senior notes are valued at $450 million with a 5.25% interest rate and are set to mature in 2031.
How will the proceeds from the senior notes be utilized?
The proceeds will be directed towards the acquisition and development of new properties, refinancing existing debt, and general corporate purposes.
Who managed the offering of the senior notes?
Several financial institutions such as J.P. Morgan Securities LLC and PNC Capital Markets LLC acted as joint book-running managers for this offering.
What does First Industrial Realty Trust specialize in?
First Industrial Realty Trust specializes in logistics real estate, focusing on developing and managing high-quality industrial properties in the U.S.
How much industrial space does First Industrial Realty Trust currently manage?
The company currently manages approximately 70.2 million square feet of industrial space across various critical markets.
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