STAG Industrial Enters Material Definitive Agreement
Ticker: STAG · Form: 8-K · Filed: Mar 28, 2024 · CIK: 1479094
| Field | Detail |
|---|---|
| Company | Stag Industrial, Inc. (STAG) |
| Form Type | 8-K |
| Filed Date | Mar 28, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $200 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation, real-estate
TL;DR
STAG Industrial just signed a big deal, could affect their finances.
AI Summary
STAG Industrial, Inc. entered into a Material Definitive Agreement on March 25, 2024, related to a direct financial obligation. The company, headquartered in Boston, MA, is a real estate investment trust.
Why It Matters
This filing indicates a significant new financial commitment or obligation for STAG Industrial, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new financial obligations or risks that require careful evaluation.
Key Players & Entities
- STAG Industrial, Inc. (company) — Registrant
- March 25, 2024 (date) — Date of earliest event reported
- Boston, Massachusetts (location) — Company Headquarters
FAQ
What type of material definitive agreement did STAG Industrial, Inc. enter into?
The filing indicates the entry into a Material Definitive Agreement and a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement, but the specific details of the agreement are not provided in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on March 25, 2024.
What is STAG Industrial, Inc.'s primary business sector?
STAG Industrial, Inc. is classified under Real Estate Investment Trusts (SIC code 6798).
Where is STAG Industrial, Inc. headquartered?
STAG Industrial, Inc. is headquartered at One Federal Street, 23rd Floor, Boston, Massachusetts 02110.
What is the SEC file number for STAG Industrial, Inc.?
The SEC file number for STAG Industrial, Inc. is 001-34907.
Filing Stats: 774 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-03-28 16:30:48
Key Financial Figures
- $0.01 — e on which registered Common stock, $0.01 par value per share STAG New York S
- $200 million — ember 1, 2022, related to the Company's $200 million unsecured term loan that was set to mat
Filing Documents
- tm2410044d1_8k.htm (8-K) — 27KB
- tm2410044d1_ex10-1.htm (EX-10.1) — 821KB
- 0001104659-24-040566.txt ( ) — 1203KB
- stag-20240325.xsd (EX-101.SCH) — 3KB
- stag-20240325_lab.xml (EX-101.LAB) — 33KB
- stag-20240325_pre.xml (EX-101.PRE) — 22KB
- tm2410044d1_8k_htm.xml (XML) — 4KB
01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
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 no
01. FINANCIAL STATEMENTS AND EXHIBITS
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
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