First Industrial Realty Trust, Inc. (NYSE: FR) has closed a refinancing of its unsecured term loans, securing $425 million and $375 million respectively. The $425 million term loan has an initial maturity date of January 22, 2030, with a one-year extension option at the company’s discretion. The loan provides for interest-only payments initially at an interest rate of SOFR plus 85 basis points based on the company’s current credit ratings, with the previous 10 basis point SOFR adjustment eliminated.
In addition, the company refinanced its $300 million term loan, expanding it to $375 million with an initial maturity date of January 22, 2029, and two one-year extension options at the company’s discretion. This loan also provides for interest-only payments initially at an interest rate of SOFR plus 85 basis points based on the company’s current credit ratings, with the previous 10 basis point SOFR adjustment eliminated.
Furthermore, the company amended its $200 million unsecured term loan to eliminate the 10 basis point SOFR adjustment.
Scott Musil, Chief Financial Officer of First Industrial Realty Trust, Inc., expressed gratitude to the company's banking partners for their commitments and support in refinancing these term loans, providing capital to support long-term growth.
As of September 30, 2025, First Industrial Realty Trust, Inc. owns and has under development approximately 70.4 million square feet of industrial space concentrated in 15 target MSAs. The market has reacted to these announcements by moving the company's shares 0.99% to a price of $59.90. For the full picture, make sure to review FIRST INDUSTRIAL REALTY TRUST INC's 8-K report.
