The revolving credit facility, previously a $750.0 million facility under the Fourth Amended and Restated Unsecured Revolving Credit Agreement, was increased to $850.0 million and includes an accordion feature allowing the Operating Partnership to increase total capacity to up to $1.0 billion, subject to lender willingness and customary conditions. Its maturity was extended from July 7, 2025 to March 16, 2029, with two six-month extension options exercisable at the Operating Partnership's election (each requiring a 0.0625% extension fee on revolving commitments), which could push the maturity to 2030 if both options are exercised. As of the filing date the Operating Partnership had $431.0 million outstanding under the facility.
The term loan continues at its existing $200.0 million principal amount and was not upsized, though the agreement allows the Operating Partnership to request incremental term loans of up to an aggregate $260.0 million, subject to lender willingness and customary conditions. Its maturity was extended from July 7, 2026 to March 17, 2028, with two one-year extension options at the Operating Partnership's election (each requiring a 0.125% extension fee on principal outstanding). Proceeds of the amended and restated term loan were used to refinance the existing term loan facility, which carried the same outstanding principal amount.
Pricing on the revolving facility is set, at the Operating Partnership's option, at (i) base rate plus a margin of 0.00% to 0.40%, (ii) daily SOFR plus a margin of 0.70% to 1.40%, or (iii) term SOFR (one, three or six month) plus a margin of 0.70% to 1.40%, with the margin tied to a grid based on credit ratings and consolidated leverage ratio; based on the company's then-current BBB/Baa2/BBB ratings, the applicable margin was 0.775%. A facility fee of 0.10% to 0.30% of total commitments also applies, again scaled to ratings/leverage. Per the company's press release, initial pricing for the revolving facility was set at SOFR plus 77.5 basis points with a 15 basis point facility fee, reflecting the favorable BBB+/Baa1/BBB+ ratings tier (even though actual ratings were BBB/Baa2/BBB at closing), with that favorable tier maintained as long as consolidated leverage ratio remains below 35.0%; unlike the prior facility, the new revolver's pricing excludes a 10 basis point SOFR credit spread adjustment. The term loan is priced, at the Operating Partnership's option, at (i) base rate plus a margin of 0.00% to 0.60%, (ii) daily SOFR (subject to a 0.10% credit spread adjustment) plus a margin of 0.75% to 1.60%, or (iii) term SOFR (one, three or six month, subject to the same 0.10% adjustment) plus a margin of 0.75% to 1.60%, with the applicable margin at closing equal to 0.85% based on the same BBB/Baa2/BBB ratings and leverage level. Both facilities retain the ability to incorporate a sustainability metric adjustment to the interest rate within one year of closing (extendable by six months), subject to certain conditions. Both facilities are interest-only during their terms, with principal due in full at maturity.
Both the revolving facility and term loan are senior unsecured obligations of First Industrial, L.P. as borrower, fully and unconditionally guaranteed by First Industrial Realty Trust, Inc. as parent guarantor; no collateral or secured package is disclosed. Each agreement contains financial maintenance covenants including a minimum fixed charge coverage ratio, a maximum consolidated leverage ratio, a maximum unsecured debt to unencumbered assets ratio, a maximum secured debt to implied capitalization ratio, and a minimum interest expense coverage ratio, alongside customary restrictive covenants (limits on additional indebtedness and liens, restricted payments and investments, mergers/asset sales/affiliate transactions), affirmative covenants including financial reporting, and events of default with cross-default provisions tied to the Operating Partnership's other indebtedness. The filing does not disclose the specific numerical covenant thresholds. Proceeds of the revolving facility are intended for general business purposes, including working capital, closing costs, property acquisitions, construction of new industrial properties, and payment of other debts and obligations.
Wells Fargo Securities, LLC, BofA Securities, Inc., PNC Capital Markets LLC and U.S. Bank National Association served as Joint Lead Arrangers and Joint Book Runners on the revolving facility, with Regions Capital Markets, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Fifth Third Bank, National Association serving as additional Joint Lead Arrangers. Wells Fargo Bank, National Association serves as Administrative Agent, with Bank of America, N.A., PNC Bank, National Association and U.S. Bank National Association as Co-Syndication Agents and JPMorgan Chase Bank, N.A., Regions Bank, Royal Bank of Canada and Fifth Third Bank, National Association as Co-Documentation Agents on the revolving facility; Citibank, N.A. also participated in the facility. On the term loan, Wells Fargo Securities, LLC and PNC Capital Markets LLC served as Joint Lead Arrangers and Joint Book Runners, with Fifth Third Bank, National Association, Regions Capital Markets and BofA Securities, Inc. serving as additional Joint Lead Arrangers; Wells Fargo Bank, National Association serves as Administrative Agent, PNC Bank, National Association as Syndication Agent, and Fifth Third Bank, National Association, Regions Bank and Bank of America, N.A. as Co-Documentation Agents, with U.S. Bank National Association and First Independence Bank also participating as lenders.
No outside legal advisors are identified in the 8-K; the filing is signed only by the company's internal General Counsel. The transaction has closed: the 8-K was filed under Item 2.03 (Creation of a Direct Financial Obligation), the company's press release is titled "First Industrial Realty Trust Closes $850 Million Unsecured Revolving Credit Facility and $200 Million Unsecured Term Loan," and the filing discloses actual outstanding borrowings under the new revolving facility as of the closing date, which together constitute explicit confirmation of closing rather than a pending or announced-only transaction.