Terreno Realty Corporation Closes $100 Million Five-Year Unsecured Term Loan
September 06 2022 - 9:22AM
Business Wire
Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and
operator of industrial real estate in six major coastal U.S.
markets, announced today the closing of a new $100 million
five-year unsecured term loan. The new five-year unsecured term
loan will mature on January 15, 2028, and the interest rate
generally will be SOFR plus 1.25% to 1.75%, depending on leverage.
The current interest rate is SOFR plus 1.25%, and proceeds from the
term loan were used to reduce borrowings under Terreno Realty
Corporation’s $400 million revolving credit facility to $10
million.
KeyBanc Capital Markets, PNC Capital Markets LLC and Regions
Capital Markets served as joint lead arrangers and lenders, with
KeyBank, N.A. as the administrative agent. Citizens Bank N.A. and
Huntington National Bank also served as lenders. Other key
participants are MUFG Union Bank, U.S. Bank, N.A., and Goldman
Sachs Bank USA.
Terreno Realty Corporation acquires, owns and operates
industrial real estate in six major coastal U.S. markets: Los
Angeles; Northern New Jersey/New York City; San Francisco Bay Area;
Seattle; Miami; and Washington, D.C.
Additional information about Terreno Realty Corporation is
available on the company’s web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. We caution investors
that forward-looking statements are based on management’s beliefs
and on assumptions made by, and information currently available to,
management. When used, the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,”
“result,” “should,” “will,” “seek,” “target,” “see,” “likely,”
“position,” “opportunity,” “outlook,” “potential,” “enthusiastic,”
“future” and similar expressions which do not relate solely to
historical matters are intended to identify forward-looking
statements. These statements are subject to risks, uncertainties,
and assumptions and are not guarantees of future performance, which
may be affected by known and unknown risks, trends, uncertainties,
and factors that are beyond our control, including risks related to
our ability to meet our estimated forecasts related to stabilized
cap rates, the impact of the COVID-19 pandemic on our business, our
tenants and the national and local economies, and those risk
factors contained in our Annual Report on Form 10-K for the year
ended December 31, 2021 and our other public filings. Should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated, or projected. We
expressly disclaim any responsibility to update our forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as required by law. Accordingly, investors
should use caution in relying on past forward-looking statements,
which are based on results and trends at the time they are made, to
anticipate future results or trends.
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Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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