Stag Industrial Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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| ITEM 1.01. | ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT |
On March 25, 2024, STAG Industrial, Inc., a Maryland corporation (the “Company”), and its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership, entered into the second amended and restated term loan agreement with Wells Fargo Bank, National Association, and the other lenders named therein, to amend and restate that certain amended and restated term loan agreement, dated as of September 1, 2022, related to the Company’s $200 million unsecured term loan that was set to mature on January 12, 2025 (“Unsecured Term Loan F”).
The Company entered into the second amended and restated term loan agreement to: (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions; and (ii) provide that borrowings under the Unsecured Term Loan F will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment, if applicable. As of March 25, 2024, the Unsecured Term Loan F had a stated annual interest rate equal to the Adjusted Term SOFR for an interest period of one month, which includes an adjustment of 0.10%, plus a spread of 0.85%, less a sustainability-related adjustment of 0.02%. As of March 25, 2024, the Adjusted Term SOFR for the Unsecured Term Loan F was swapped to a fixed rate (including the 0.10% adjustment) of 2.94% until January 15, 2025 and 4.83% from January 15, 2025 through March 25, 2027. Other than the maturity date and interest rates, the material terms of the Unsecured Term Loan F remain unchanged.
The foregoing description of the Unsecured Term Loan F does not purport to be complete and is qualified in its entirety by reference to the loan agreement attached as Exhibit 10.1 hereto.
| ITEM 2.03. | CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT |
The information set forth under Item 1.01 of this report is incorporated herein by reference.
| ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits
| Exhibit Number |
Description | |
| 10.1 | Second Amended and Restated Term Loan Agreement, dated as of March 25, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STAG INDUSTRIAL, INC. | ||
| Dated: March 28, 2024 | By: | /s/ Jeffrey M. Sullivan |
| Jeffrey M. Sullivan | ||
| Executive Vice President, General Counsel and Secretary | ||