Terreno Realty Corporation Adds New $50.0 Million Term Loan and Amends $100.0 Million Revolving Credit Facility
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and
operator of industrial real estate in six major coastal U.S. markets,
added a new five-year $50.0 million term loan and amended its existing
$100.0 million revolving credit agreement to extend the maturity date
and decrease the annual interest rate.
The five-year $50.0 million term loan bears interest at an annual rate
of LIBOR plus 1.65% to 2.65% depending on leverage and Terreno Realty
Corporation has up to six months to borrow the full $50.0 million. In
addition, Terreno Realty Corporation amended its revolving credit
facility, extending the maturity by approximately one year to January
17, 2016 and decreasing the annual rate of interest by 85 basis points
to LIBOR plus 1.65% to 2.65% depending on leverage.
The new $50.0 million term loan and amended $100.0 million credit
facility was led by Key Bank as Administrative Agent and Lead Arranger,
and a syndicate of financial institutions including PNC Bank, National
Association, Union Bank, N.A. and Regions Bank as additional lenders.
Terreno Realty Corporation is an acquirer, owner and operator of
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./Baltimore.
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”,
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 and those risk factors
contained in our Annual Report on Form 10-K for the year ended December
31, 2011 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.
