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8-K - FORM 8-K - FIRST INDUSTRIAL LP | c55462be8vk.htm |
EX-99.2 - EX-99.2 - FIRST INDUSTRIAL LP | c55462bexv99w2.htm |
Exhibit 99.1
First Industrial Realty Trust Announces Tender Offer By First
Industrial, L.P. for Up to $125 Million Aggregate Principal Amount
of Certain of First Industrial, L.P.s Outstanding Notes
Industrial, L.P. for Up to $125 Million Aggregate Principal Amount
of Certain of First Industrial, L.P.s Outstanding Notes
CHICAGO, January 8, 2010 First Industrial Realty Trust, Inc. (NYSE: FR), a leading
provider of industrial real estate supply chain solutions, today announced the commencement of a
cash tender offer by its operating partnership, First Industrial, L.P., for up to $125 million
aggregate principal amount (the Tender Cap) of First Industrial, L.P.s outstanding 7.375% Notes
due 2011, 6.875% Senior Notes due 2012, and 6.42% Senior Notes due 2014 (collectively, the
Notes). The tender offer will expire on February 5, 2010 at 11:59 PM, New York City time, unless
extended or earlier terminated (the Expiration Time). The terms and conditions of the tender
offer are set forth in an Offer to Purchase dated January 8, 2010 (the Offer to Purchase) and
related Letter of Transmittal, which together constitute the tender offer (the Offer).
The purchase price to be paid for Notes that are validly tendered and not validly withdrawn on or
prior to the Expiration Time and accepted for payment is set forth in the table below:
CUSIP | Outstanding | Acceptance | Tender Offer | Early Tender | Total | |||||||
Number | Security | Principal Amount | Priority Level | Consideration (1) | Premium (1) | Consideration (1) | ||||||
32055RAG2 |
7.375% Notes due 2011 | $143,498,000 | 1 | $970 | $30 | $1,000 | ||||||
32055RAH0 |
6.875% Senior Notes due 2012 |
$144,065,000 | 2 | $970 | $30 | $1,000 | ||||||
32055RAM9 |
6.42% Senior Notes due 2014 |
$113,000,000 | 3 | $840 | $30 | $870 |
(1) | Per $1,000 principal amount of Notes accepted for purchase. |
To be eligible to receive the Total Consideration set forth in the table above, holders must
validly tender and not validly withdraw their Notes at or prior to 5:00 PM, New York City time, on
January 22, 2010, unless extended (such date and time, as the same may be extended, the Early
Tender Time). The Total Consideration includes the Early Tender Premium of $30 per $1,000
principal amount of Notes set forth in the table above. Holders validly tendering their Notes
after the Early Tender Time and prior to the Expiration Time will only be eligible to receive the
Tender Offer Consideration set forth in the table above, which is equal to the Total Consideration
minus the Early Tender Premium.
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The amount of each series of Notes that will be purchased in the offer will be limited in the
aggregate by the Tender Cap and be based on the Acceptance Priority Level for such series of Notes
set forth in the table above, as more fully described in the Offer to Purchase.
First Industrial, L.P. will pay on the settlement date, which is expected to be promptly following
the Expiration Time, the applicable Total Consideration or Tender Offer Consideration, as the case
may be, plus accrued and unpaid interest in respect of any Notes accepted for purchase in the
Offer up to, but not including, the date of payment for the Notes. First Industrial, L.P. expects
to fund the Offer with existing cash and cash equivalents.
Notes tendered prior to the Early Tender Time may be withdrawn at any time prior to the Early
Tender Time, but not thereafter, and Notes tendered after the Early Tender Time may not be
withdrawn, in each case subject to limited exceptions. Withdrawn Notes may be re-tendered at any
time prior to the Expiration Time. The Offer is subject to certain customary conditions, but is
not conditioned on the tender of a minimum principal amount of Notes. First Industrial, L.P. may
amend, extend, or terminate the Offer any time.
The complete terms and conditions of the Offer are set forth in the Offer to Purchase and Letter
of Transmittal that are being sent to holders of the Notes. Holders are urged to read the Offer
documents carefully when they become available. Copies of the Offer to Purchase and Letter of
Transmittal may be obtained from the Information Agent for the Offer, Global Bondholder Services
Corporation at (866) 952-2200 (toll-free) or (212) 430-3774 (toll).
Lazard Capital Markets LLC is the Lead Dealer Manager for the Offer. Questions regarding the
Offer may be directed to Lazard Capital Markets LLC at (877) 364-0850 (toll-free) or (212)
632-1979 (toll). J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC are Co-Dealer
Managers for the Offer.
This press release is neither an offer to purchase nor a solicitation to buy any of these Notes
nor is it a solicitation for acceptance of the Offer. First Industrial, L.P. is making the Offer
only by, and pursuant to the terms of, the Offer to Purchase and the related Letter of
Transmittal. The Offer is not being made in any jurisdiction in which the making or acceptance
thereof would not be in compliance with the securities, blue sky or other laws of such
jurisdiction. None of First Industrial, the Lead Dealer Manager, the Co-Dealer Managers, the
Depositary or the Information Agent for the Offer makes any recommendation in connection with the
Offer.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) provides industrial real estate solutions for
every stage of a customers supply chain, no matter how large or complex. Across major markets in
North America, our local market experts manage, lease, buy, (re)develop, and sell industrial
properties, including all of the major facility types bulk and regional distribution centers,
light industrial, manufacturing, and R&D/flex. We have a track record of industry leading customer
service, and in total, we own, manage and have under development 93 million square feet of
industrial space. For more information, please visit us at www.firstindustrial.com. We post or
otherwise make available on this website from time to time information that may be of interest to
investors.
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Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We
intend such forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and
are including this statement for purposes of complying with those safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe future plans,
strategies and expectations of the Company, are generally identifiable by use of the words
believe, expect, intend, anticipate, estimate, project, seek, target, potential,
focus, may, should or similar expressions. Our ability to predict results or the actual
effect of future plans or strategies is inherently uncertain. Factors which could have a materially
adverse affect on our operations and future prospects include, but are not limited to: changes in
national, international, regional and local economic conditions generally and real estate markets
specifically; changes in legislation/regulation (including changes to laws governing the taxation
of real estate investment trusts) and actions of regulatory authorities (including the Internal
Revenue Service); our ability to qualify and maintain our status as a real estate investment trust;
the availability and attractiveness of financing (including both public and private capital) to us
and to our potential counterparties; the availability and attractiveness of terms of additional
debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable
financial covenants; competition; changes in supply and demand for industrial properties (including
land, the supply and demand for which is inherently more volatile than other types of industrial
property) in the Companys current and proposed market areas; difficulties in consummating
acquisitions and dispositions; risks related to our investments in properties through joint
ventures; environmental liabilities; slippages in development or lease-up schedules; tenant
creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment
charges; changes in general accounting principles, policies and guidelines applicable to real
estate investment trusts; international business risks and those additional factors described under
the heading Risk Factors and elsewhere in the Companys annual report on Form 10-K for the year
ended December 31, 2008 and in the Companys subsequent quarterly reports on Form 10-Q. We caution
you not to place undue reliance on forward-looking statements, which reflect our outlook only and
speak only as of the date of this press release or the dates indicated in the statements. We assume
no obligation to update or supplement forward-looking statements. For further information on these
and other factors that could impact the Company and the statements contained herein, reference
should be made to the Companys filings with the Securities and Exchange Commission.
Contact:
|
Art Harmon | |
Director, Investor Relations and Corporate Communications | ||
312-344-4320 |
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