BOSTON, March 26,
2024 /PRNewswire/ -- STAG Industrial, Inc. (the
"Company") (NYSE: STAG) today announced that it entered into a note
purchase agreement to issue $450
million of fixed rate senior unsecured notes in a private
placement offering with a weighted average fixed interest rate of
6.17%. The transaction consists of $175
million of 6.05% notes with a five-year term maturing on
May 28, 2029; $125 million of 6.17% notes with a seven-year
term maturing on May 28, 2031; and
$150 million of 6.30% notes with a
ten-year term maturing on May 28,
2034.
The Company anticipates closing the offering on May 28, 2024.
The notes have not been and will not be registered under the
Securities Act of 1933 or the securities laws of any state or other
jurisdiction and may not be offered or sold in the United States or any other jurisdiction
absent registration or an exemption from the registration
requirements of the Securities Act of 1933 and the applicable
securities laws of any state or other jurisdiction.
In addition, the Company refinanced a $200 million unsecured term loan that was set to
mature in January 2025. The term loan
now matures March 25, 2027, with two
one-year extension options, subject to certain conditions. The term
loan bears an aggregate fixed interest rate, inclusive of interest
rate swaps, of 2.94% until January 15,
2025 and will bear an aggregate fixed interest rate,
inclusive of interest rate swaps, of 4.83% from January 15, 2025 through March 25, 2027.
For the unsecured term loan previously maturing in 2025, Wells
Fargo Securities, LLC served as Left Lead Arranger and Bookrunner,
with BofA Securities, Inc., BMO Capital Markets Corp, and U.S.
Bank, N.A. serving as Joint Lead Arrangers. Other lenders include
PNC Bank, N.A., TD Bank, N.A., Raymond
James Bank, Regions Bank, and Truist Bank.
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 December 31,
2023, the Company's portfolio consists of 569 buildings in
41 states with approximately 112.3 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, 2023, 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.