Terreno Realty Corporation Closes $350 Million Unsecured Credit Facility

Rhea-AI Summary

Terreno Realty Corporation (NYSE: TRNO) announced the closing of a $350 million amended and restated senior unsecured credit facility to replace its existing facility. Key features include a $250 million revolving credit facility with a reduced interest rate of LIBOR plus 1.00% (down from 1.05%), maturing in August 2025, and a $100 million term loan with an interest rate of LIBOR plus 1.15%, maturing in January 2027. This restructuring aims to enhance financial flexibility in its operations across major coastal U.S. markets.

Positive

• Interest rate on revolving credit facility decreased from 1.05% to 1.00%.
• Term loan interest rate reduced by 5 basis points.
• Extended maturity date for term loan to January 2027.

Negative

• None.

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 $350 million amended and restated senior unsecured credit facility (the “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.

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” 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, 2020 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/20210823005111/en/

FAQ

What is the recent credit facility announcement for TRNO?

Terreno Realty Corporation announced a $350 million amended and restated senior unsecured credit facility to enhance financial flexibility.

What are the interest rates for the new facilities of TRNO?

The new interest rate for the revolving credit facility is LIBOR plus 1.00%, and for the term loan, it is LIBOR plus 1.15%.

What is the maturity date for the new credit facilities of TRNO?

The maturity date for the revolving credit facility is August 2025, and for the term loan, it is January 2027.