Company: FR
Filing Date: 2025-03-19
Form Type: 8-K
Source: 0000921825-25-000023
Chunk: 1

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-03-19
Form: 8-K
Item: Item 1.01
Chunk 1
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 Partnership.

Borrowings under the Amended and Restated Revolving Credit 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 Revolving Credit 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 0.40%, (ii) the daily secured overnight financing rate plus a margin of 0.70% to 1.40% or (iii) the term secured overnight financing rate for a period of one, three or six months plus, in each case, a margin of 0.70% to 1.40%. The margin applicable to borrowings under the Amended and Restated Revolving Credit 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 revolving facility equals 0.775%. The Operating Partnership currently has an aggregate of $431.0 million in outstanding borrowings under the Amended and Restated Revolving Credit Agreement. The Operating Partnership is required to pay a facility fee equal to 0.10% to 0.30%, depending on the Operating Partnership’s credit ratings and consolidated leverage ratio, of the total commitments under the Amended and Restated Revolving Credit Agreement, as well as customary letter of credit fees.

The Company has fully and unconditionally guaranteed payment of borrowings under the Amended and Restated Revolving Credit Agreement. The Amended and Restated Revolving Credit 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 Revolving Credit Agreement also contains representations and warranties, affirmative covenants, including financial reporting requirements, negative covenants, and events of default, including certain cross defaults with the Operating Partnership’s other indebtedness,