REXFORD INDUSTRIAL REALTY, INC. (NYSE:REXR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.
On June 27, 2018, Rexford Industrial Realty, Inc. (the “Company”), as guarantor, and RIF I—Don Julian, LLC, RIF I—Lewis Road, LLC, RIF I—Oxnard, LLC, RIF I—Walnut, LLC, RIF II—Rexford Business Center – Fullerton, LLC, RIF III—Irwindale, LLC and Rexford Industrial—Madera Industrial, LLC, all wholly-owned subsidiaries of the Company’s operating partnership and collectively the “Borrower,” entered into the Second Modification Agreement (the “Modification Agreement”) to amend the Company’s Term Loan Agreement, dated as of July 24, 2013 (as amended from time to time), by and between the Borrower and Bank of America, N.A. as lender.
The Modification Agreement, among other things, (i) extends the maturity date of the term loan from August 1, 2019, to August 1, 2023, (ii) decreases the interest rate from LIBOR plus 1.90% per annum to LIBOR plus 1.70% per annum, (iii) provides for one 24-month extension option, subject to certain terms and conditions, and (iv) amends the term loan repayment schedule by adding 36 months of interest only payments, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity.
The foregoing summary of the Modification Agreement does not purport to be complete and is qualified in its entirety by reference to the Modification Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 1.01 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under “Item 1.01 Entry into a Material Definitive Agreement” is incorporated herein by reference into this Item 1.01.
Item 1.01 Financial Statements and Exhibits.
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10.1 |
Second Modification Agreement, dated June 27, 2018, by and among RIF I—Don Julian, LLC, RIF I—Lewis Road, LLC, RIF I—Oxnard, LLC, RIF I—Walnut, LLC, Rexford Business Center—Fullerton, LLC, RIF III—Irwindale, LLC, and Rexford Industrial—Madera Industrial, LLC, collectively as Borrower, Rexford Industrial Realty, Inc., as Guarantor, and Bank of America, N.A., as Lender. |
Rexford Industrial Realty, Inc. ExhibitEX-10.1 2 exhibit101secondmodificati.htm EXHIBIT 10.1 Exhibit Exhibit 10.1SECOND MODIFICATION AGREEMENTTHIS SECOND MODIFICATION AGREEMENT (this “Agreement”) is made as of June 27,…To view the full exhibit click here
About REXFORD INDUSTRIAL REALTY, INC. (NYSE:REXR)
Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. The Company’s consolidated portfolio consisted of approximately 119 properties with over 12.0 million rentable square feet. The Company also owns interest in a joint venture (the JV) that indirectly owns one property with approximately 0.5 million square feet, which it also manages. The Company manages an additional 19 properties with approximately 1.2 million rentable square feet. The Company’s properties are concentrated in various industries, such as wholesale and retail, light manufacturing, industrial equipment and components, warehousing and storage, food and beverage, business services, construction, automotive, paper and printing, pharmaceuticals and healthcare.
