SEC Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 12, 2016
REXFORD INDUSTRIAL REALTY, INC.
(Exact name of registrant as specified in its charter)
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Maryland | | 001-36008 | | 46-2024407 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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11620 Wilshire Boulevard, Suite 1000, Los Angeles, California | | 90025 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (310) 966-1680
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On May 12, 2016, Rexford Industrial Realty, Inc. (the “Company”), through its operating partnership, Rexford Industrial Realty, L.P., entered into an interest rate swap transaction with U.S. Bank National Association (the “Swap”). The Company entered into the Swap to mitigate the risk associated with the Company’s floating interest rate based on LIBOR on $100 million of the Company’s previously unhedged debt that is outstanding under its Credit Agreement, dated as of January 14, 2016, with PNC Bank, National Association, as administrative agent, U.S. Bank, National Association, as syndication agent, PNC Capital Markets LLC and U.S. Bank National Association, as joint lead arrangers and joint bookrunners, and the other lenders named therein (the “Credit Agreement”). The Swap has an effective date of August 14, 2018 and a termination date of January 14, 2022. As of the effective date, the Company will be required to make certain monthly fixed rate payments calculated on a notional amount of $100 million while the counterparty will be obligated to make certain monthly floating rate payments based on LIBOR to the Company referencing the same notional amount. The Swap effectively fixes the annual interest rate payable on $100 million of the Company’s previously unhedged debt that may exist under the Credit Agreement to 1.406% plus an applicable margin under the terms of the Credit Agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Rexford Industrial Realty, Inc. |
May 17, 2016 | /s/ Adeel Khan |
| Adeel Khan Chief Financial Officer and Secretary |