Company: FR
Filing Date: 2025-03-19
Form Type: 8-K
Source: 0000921825-25-000023
Chunk: 3

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-03-19
Form: 8-K
Item: Item 1.01
Chunk 3
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 to incorporate a sustainability metric adjustment to the interest rate applicable to borrowings under the Amended and Restated Unsecured Term Loan Agreement, subject to certain conditions, within one year of the closing date, which period may be extended by an additional six months. The Operating Partnership intends to use the proceeds of the Amended and Restated Term Loan Agreement to refinance the existing term loan facility, which had the same outstanding principal amount as the Amended and Restated Term Loan Agreement.

Borrowings under the Amended and Restated Term Loan Agreement are payable interest-only during the term, with the principal amount due in full on the maturity date. The rate of interest payable under the Amended and Restated Term Loan Agreement is equal to, at the option of the Operating Partnership, a rate per annum of (i) the base rate plus a margin of 0.00% to 0.60%, (ii) the daily secured overnight financing rate, subject to a 0.10% adjustment, plus a margin of 0.75% to 1.60% or (iii) the term secured overnight financing rate for a period of one, three or six months, subject, in each case, to a 0.10% adjustment plus, in each case, a margin of 0.75% to 1.60%. The margin applicable to borrowings under the Amended and Restated Term Loan Agreement is based on the Operating Partnership’s credit ratings and consolidated leverage ratio. Based on the Operating Partnership’s current consolidated leverage ratio and investment grade credit ratings of BBB/Baa2/BBB, the applicable margin for the facility equals 0.85%.

The Company has fully and unconditionally guaranteed payment of borrowings under the Amended and Restated Term Loan Agreement. The Amended and Restated Term Loan Agreement contains certain covenants customary for an agreement of its type, including (i) restrictive covenants, including restrictions on the incurrence of additional indebtedness and liens, the ability to make certain payments and investments, and the ability to enter into certain merger, consolidation, asset sale, and affiliate transactions, and (ii) financial maintenance covenants, including a minimum fixed charge coverage ratio, a maximum consolidated leverage ratio, a maximum unsecured debt to unencumbered assets ratio, a maximum secured debt to implied capitalization ratio and a minimum interest expense coverage ratio. The Amended and Restated Term Loan Agreement also contains representations and warranties, affirmative covenants, including financial reporting requirements,