STAG INDUSTRIAL UPSIZES UNSECURED CREDIT FACILITY TO $1 BILLION, REFINANCES UNSECURED $150 MILLION TERM LOAN, AND REFINANCES UNSECURED $175 MILLION TERM LOAN

Rhea-AI Summary

STAG Industrial has increased its senior unsecured revolving credit facility to $1 billion, up from $750 million, with no changes to pricing or maturity. The company also refinanced two term loans totaling $375 million, extending their maturity to January 25, 2028, with an aggregate fixed interest rate of 3.31%. As of June 30, 2022, STAG's portfolio includes 559 buildings across 40 states, covering approximately 111.5 million rentable square feet.

Positive

• Increased revolving credit facility to $1 billion, enhancing liquidity.
• Successfully refinanced $375 million in term loans with extended maturity to January 2028.

Negative

• None.

BOSTON, July 27, 2022 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE: STAG) today announced that it upsized its $750 million senior unsecured revolving credit facility and refinanced two term loans scheduled to mature in 2023 and 2024.

The Company upsized its revolving credit facility to a notional of $1 billion dollars. This represents an increase in revolver capacity of $250 million dollars with no change to pricing or maturity date.

In addition, the Company refinanced a $150 million unsecured term loan that was set to mature in January 2023 and refinanced a $175 million unsecured term loan that was set to mature in January 2024 with new term loans totaling $375 million dollars. The term loans now mature January 25, 2028 and bear an aggregate fixed interest rate, inclusive of interest rate swaps, of 3.31% at close.

For the unsecured term loan previously maturing in 2023, BofA Securities, Inc. served as Left Lead Arranger and Bookrunner, with Wells Fargo Securities, LLC serving as a Joint Lead Arranger and Bookrunner. PNC Bank, National Association, TD Bank, N.A., Truist Securities, Inc., RBC Capital Markets, and U.S. Bank, National Association served as Joint Lead Arrangers. Other lenders include Regions Bank, Raymond James Bank, N.A., BMO Capital Markets Corp., and the Bank of East Asia, Limited.

For the unsecured term loan previously maturing in 2024, Wells Fargo Securities, LLC served as Left Lead Arranger and Bookrunner, with BofA Securities, Inc. serving as a Joint Lead Arranger and Bookrunner. TD Securities, LLC, Regions Capital Markets, PNC Capital Markets, LLC, and BMO Capital Markets Corp. served as Joint Lead Arrangers. Other lenders include Raymond James Bank, N.A., Royal Bank of Canada, The Bank of East Asia, Limited, U.S. Bank, National Association and Truist Securities, Inc.

For the senior unsecured revolving credit facility, Wells Fargo Securities, LLC served as Left Lead Arranger and Bookrunner, with BofA Securities, Inc., serving as a Joint Lead Arranger and Bookrunner. TD Securities, LLC, Regions Capital Markets, PNC Capital Markets, LLC, Truist Securities, Inc., Citibank, N.A., and U.S. Bank National Association served as Joint Lead Arrangers. Other lenders include BMO Capital Markets Corp., Raymond James Bank, N.A., Royal Bank of Canada, The Bank of East Asia, Limited, and Associated Bank, N.A.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership, and operation of industrial properties throughout the United States. As of June 30, 2022, the Company's portfolio consists of 559 buildings in 40 states with approximately 111.5 million rentable square feet.

For additional information, please visit the Company's website at www.stagindustrial.com.

Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2021, as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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SOURCE STAG Industrial, Inc.

FAQ

What recent financial move did STAG Industrial announce on July 27, 2022?

On July 27, 2022, STAG Industrial announced the upsizing of its revolving credit facility to $1 billion and the refinancing of two term loans totaling $375 million.

What is the new interest rate for STAG's refinanced term loans?

The refinanced term loans now bear an aggregate fixed interest rate of 3.31%.

How has STAG Industrial improved its credit facility recently?

STAG Industrial increased its senior unsecured revolving credit facility from $750 million to $1 billion without changing pricing or maturity date.

How many properties does STAG Industrial own as of June 30, 2022?

As of June 30, 2022, STAG Industrial's portfolio consists of 559 buildings across 40 states.

When do STAG's refinanced loans mature?

The refinanced loans mature on January 25, 2028.