First Industrial Realty Trust, Inc. has successfully refinanced two significant unsecured term loans, totaling $800 million, as part of a strategy to bolster its financial position. Announced on January 22, 2026, the refinancing includes a $425 million term loan set to mature on January 22, 2030, with an option for a one-year extension subject to specific conditions.
The new loan features interest-only payments at a rate of SOFR plus 85 basis points, a reduction from the previous 10 basis points adjustment. This move reflects the company’s improved credit ratings and aims to enhance its financial flexibility for future growth.
Details of the Refinancing
The refinancing was facilitated by a consortium of financial institutions, with Wells Fargo Securities, LLC and PNC Capital Markets LLC acting as Joint Lead Arrangers and Joint Book Runners. Additional support came from BofA Securities, Inc., U.S. Bank National Association, Regions Capital Markets, and others. Wells Fargo Bank, National Association serves as the Administrative Agent.
Alongside the $425 million loan, First Industrial also expanded its previous $300 million term loan to $375 million, with a maturity date of January 22, 2029. Similar to the initial loan, this also offers interest-only payments at SOFR plus 85 basis points. This loan was arranged with similar institutions, including U.S. Bank National Association and BofA Securities, Inc. as key players.
Company Strategic Goals
In tandem with these refinancing efforts, First Industrial amended its $200 million unsecured term loan, eliminating the previous 10 basis points SOFR adjustment. The refinancing initiatives align with the company’s long-term growth strategies, as articulated by Scott Musil, Chief Financial Officer of First Industrial Realty Trust, who expressed gratitude to the banking partners for their support in providing the necessary capital.
First Industrial Realty Trust is recognized as a leading owner, operator, developer, and acquirer of logistics properties in the United States. As of September 30, 2025, the company managed approximately 70.4 million square feet of industrial space across 15 target metropolitan statistical areas (MSAs).
These refinanced loans enable First Industrial to continue investing in high-quality logistics facilities, which are crucial for modern supply chains. By improving its capital structure, the company positions itself to respond effectively to market demands and opportunities.
For more information about First Industrial Realty Trust, visit their website at www.firstindustrial.com.
