Terreno Realty Corporation Closes $100 Million Five-Year Unsecured Term Loan

Rhea-AI Summary

Terreno Realty Corporation (NYSE: TRNO) has successfully closed a new $100 million five-year unsecured term loan, maturing on January 15, 2028. The interest rate for the loan is generally SOFR plus 1.25% to 1.75%, based on leverage, with the current rate set at SOFR plus 1.25%. The proceeds were utilized to substantially reduce borrowings under its $400 million revolving credit facility, bringing it down to $10 million.

Positive

• Successfully closed a new $100 million five-year unsecured term loan.
• Loan proceeds effectively reduced borrowings under revolving credit facility from $400 million to $10 million.
• Favorable interest rate structure based on SOFR plus 1.25% to 1.75%.

Negative

• None.

BELLEVUE, Wash.--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today the closing of a new $100 million five-year unsecured term loan. The new five-year unsecured term loan will mature on January 15, 2028, and the interest rate generally will be SOFR plus 1.25% to 1.75%, depending on leverage. The current interest rate is SOFR plus 1.25%, and proceeds from the term loan were used to reduce borrowings under Terreno Realty Corporation’s $400 million revolving credit facility to $10 million.

KeyBanc Capital Markets, PNC Capital Markets LLC and Regions Capital Markets served as joint lead arrangers and lenders, with KeyBank, N.A. as the administrative agent. Citizens Bank N.A. and Huntington National Bank also served as lenders. Other key participants are MUFG Union Bank, U.S. Bank, N.A., and Goldman Sachs Bank USA.

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.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220902005345/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the recent financial move by Terreno Realty Corporation (TRNO)?

Terreno Realty Corporation has closed a new $100 million five-year unsecured term loan.

What is the maturity date for the new loan issued by TRNO?

The new loan matures on January 15, 2028.

How much did Terreno Realty reduce its borrowings under its revolving credit facility?

Terreno Realty reduced its borrowings under its revolving credit facility from $400 million to $10 million.

What is the interest rate for the new term loan from Terreno Realty?

The interest rate for the term loan is generally SOFR plus 1.25% to 1.75%, depending on leverage.