Rexford Industrial Realty, Inc., a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced that it has amended the terms and expanded the availability under its existing unsecured revolving credit facility to $300 million.
The amended credit facility is unsecured and availability has been increased by $100 million, resulting in a $300 million facility that now consists of a $100 million unsecured term loan and a $200 million revolver. The Company, as of June 11, 2014, had available capacity of $153 million under the revolver. Borrowings under the revolver bear interest at a rate equal to LIBOR plus from 1.30% to 1.90% (down from 1.35% to 2.05%), depending on our leverage ratio, or the base rate (as defined in the credit agreement). The maturity date of the revolver was extended to June 11, 2018 (previously July 24, 2016), with one 12-month extension option exercisable by the Company, subject to certain conditions. Rexford Industrial intends to utilize the proceeds from the revolver to primarily fund acquisitions, value-add repositioning and tenant improvement projects. The unsecured term loan bears interest at a rate equal to LIBOR plus from 1.25% to 1.85%, depending on our leverage ratio, or the base rate (as defined in the credit agreement). The unsecured term loan has a five-year term ending on June 11, 2019. The amended credit facility also includes an accordion feature which would allow the facility to be increased by an additional $300 million under certain circumstances, including the identification of lenders willing to make available such additional amounts.
"The amended credit facility provides Rexford Industrial with a lower cost of capital, enhanced financial flexibility and additional capacity to support the ongoing pursuit of our growth objectives," stated Adeel Khan, Chief Financial Officer of Rexford Industrial.
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 75 properties with approximately 8.2 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.