STAG INDUSTRIAL,INC. (NASDAQ:STGIB) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE
AGREEMENT.
On December20, 2016:
STAG Industrial,Inc., a Maryland corporation (the
Company), as guarantor, and its operating partnership,
STAG Industrial Operating Partnership, L.P., a Delaware limited
partnership (the Borrower), as borrower, entered into an
amended and restated term loan agreement, dated as of December20,
2016 (the Amended and Restated Term Loan A Agreement),
with Wells Fargo Bank, National Association and other lenders
named therein, in order to amend and restate obligations existing
under that certain term loan agreement, dated as of December18,
2014, to which the lenders provide an unsecured $150 million term
loan maturing March31, 2022 (the Unsecured Term Loan A).
The Company, as guarantor, and the Borrower, as borrower, entered
into a second amended and restated term loan agreement, dated as
of December20, 2016 (the Second Amended and Restated Term Loan
B Agreement), with Wells Fargo Bank, National Association and
other lenders named therein, in order to amend and restate
obligations existing under that certain amended and restated term
loan agreement, dated as of December18, 2014, to which the
lenders provide a revolving unsecured $150 million term loan
maturing March21, 2021 (the Unsecured Term Loan B).
Together, the Amended and Restated Term Loan A Agreement and the
Second Amended and Restated Term Loan B Agreement are referred to
herein as the Amended and Restated Term Loan Agreements.
to the Amended and Restated Term Loan Agreements, borrowings
under the Unsecured Term Loan A and the Unsecured Term Loan B
bear interest at a floating rate per annum equal to, at the
Borrowers election, LIBOR or the Base Rate (each as defined in
the Amended and Restated Term Loan Agreements) plus a spread.
Until the Company achieves at least two debt ratings among
Fitch,Inc., Moodys Investors Service,Inc. and Standard Poors
Financial Services LLC (or their successors), the spread is
determined by a leverage-based pricing grid. Depending upon the
Companys consolidated leverage ratio, the leverage-based spread
ranges from 1.30% to 1.90% for LIBOR borrowings and from 0.30% to
0.90% for Base Rate borrowings. If and when the Company achieves
the two or more debt ratings, the spread is determined by a
performance-based pricing grid. Depending upon the Companys debt
ratings, the performance-based spread ranges from 0.90% to 1.75%
for LIBOR borrowings and from 0.00% to 0.75% for Base Rate
borrowings. The Company currently uses the leverage-based pricing
grid. Other than a reduction in the spreads, the material terms
of the Unsecured Term Loan A and Unsecured Term Loan B, including
the maturity dates, remain unchanged.
The Borrower paid customary arrangement fees to an affiliate of
Wells Fargo Bank, National Association and customary amendment
fees to the lenders.
The foregoing description of the Amended and Restated Term Loan
Agreements does not purport to be complete and is qualified in
its entirety by reference to the Amended and Restated Term Loan
Agreements, copies of which have been filed as Exhibits10.1 and
10.2 to this report and are incorporated in this Item 1.01 by
reference.
ITEM 2.03. 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 of this report is
incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND
EXHIBITS.
(d)Exhibits
Exhibit Number |
|
Description |
10.1 |
Amended and Restated Term Loan Agreement, dated as of |
|
10.2 |
Second Amended and Restated Term Loan Agreement, dated as |