STAG Industrial Enters Material Definitive Agreement

TL;DR

STAG Industrial just signed a big deal, could affect their finances.

AI Summary

On March 13, 2024, STAG Industrial, Inc. entered into a Material Definitive Agreement related to a financial obligation. The company, headquartered in Boston, MA, is a Real Estate Investment Trust (REIT) with fiscal year end on December 31st.

Why It Matters

This filing indicates STAG Industrial has entered into a significant agreement that could impact its financial obligations and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent risks.

Key Players & Entities

• STAG Industrial, Inc. (company) — Registrant
• March 13, 2024 (date) — Date of earliest event reported
• Boston, Massachusetts (location) — Company Headquarters
• 02110 (postal_code) — Company Address Zip Code

FAQ

Key Financial Figures

• $0.01 — e on which registered Common stock, $0.01 par value per share STAG New York S
• $175 million — des for the future private placement of $175 million of senior unsecured notes, maturing May
• $125 million — a fixed annual interest rate of 6.05%, $125 million of senior unsecured notes, maturing May
• $150 million — ixed annual interest rate of 6.17%, and $150 million of senior unsecured notes, maturing May

Filing Documents

• tm248990d1_8k.htm (8-K) — 28KB
• tm248990d1_ex10-1.htm (EX-10.1) — 967KB
• 0001104659-24-035579.txt ( ) — 1308KB
• stag-20240313.xsd (EX-101.SCH) — 3KB
• stag-20240313_lab.xml (EX-101.LAB) — 33KB
• stag-20240313_pre.xml (EX-101.PRE) — 22KB
• tm248990d1_8k_htm.xml (XML) — 4KB

01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On March 13, 2024, STAG Industrial, Inc., a Maryland corporation (the " Company "), and its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the " Borrower "), entered into a note purchase agreement, dated as of March 13, 2024 (the " Purchase Agreement "), with the noteholders named therein. The Purchase Agreement provides for the future private placement of $175 million of senior unsecured notes, maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125 million of senior unsecured notes, maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150 million of senior unsecured notes, maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The notes are expected to be issued on or around May 28, 2024, subject to conditions. Interest on the notes will be payable semiannually. The Borrower will be permitted to prepay at any time all, or from time to time any part of, the outstanding notes, in an amount not less than 5% of the aggregate principal amount of the notes then outstanding at (i) 100% of the principal amount so prepaid, and (ii) the Make-Whole Amount (as defined in the Purchase Agreement). The Make-Whole Amount is equal to the excess, if any, of the discounted value of the remaining scheduled payments with respect to the notes being prepaid over the amount of such notes. The Purchase Agreement contains a number of financial covenants substantially similar to the financial covenants contained in the Company's unsecured credit facility, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. Subject to the terms of the Purchase Agreement and the notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount, as discussed above, or interest under the notes, and (ii) a default in

01. FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits Exhibit Number Description 10.1 Note Purchase Agreement, dated as of March 13, 2024, by and among STAG Industrial Operating Partnership, L.P., STAG Industrial, Inc. and the purchasers named therein. 104 Cover Page Interactive Data File (embedded within the XBRL document)

SIGNATURES

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. By: /s/ Jeffrey M. Sullivan Jeffrey M. Sullivan Executive Vice President, General Counsel and Secretary Dated: March 18, 2024

View Full Filing

View this 8-K filing on SEC EDGAR