Rexford Industrial Realty Inc. and its operating partnership entered into a credit agreement due May 22, 2025, to obtain a senior unsecured term loan facility that allows for total borrowings of up to $150 million.
All of the proceeds were drawn at closing May 22. The agreement allows the borrower to add one or more incremental term loans in an aggregate amount up to $100 million.
Amounts outstanding under the agreement will carry interest at a rate equal to either the London Interbank Offered Rate plus the applicable eurodollar rate margin of 1.50% to 2.20% per annum or the applicable base rate of 0.50% to 1.20% per annum, depending on the company's leverage ratio.
Rexford Industrial will use the proceeds to partially pay down the outstanding balance under its unsecured revolving credit facility, to finance acquisitions and for general corporate purposes.
Capital One NA serves as administrative agent, sole lead arranger and book runner, while BB&T Capital Markets acts as syndication agent.
