NEW YORK, Nov. 02, 2023 (GLOBE NEWSWIRE) -- LXP Industrial Trust (NYSE:LXP) ("LXP"), a real estate investment trust ("REIT") focused on single-tenant warehouse/distribution real estate investments, today announced that it has priced an underwritten public offering of $300 million aggregate principal amount of 6.750% senior unsecured notes due November 15, 2028 at a price equal to 99.423% of the principal amount, to yield 6.888%. Interest on the notes will be payable semi-annually commencing on May 15, 2024.
The offering is subject to the satisfaction of customary closing conditions and is expected to close on November 13, 2023.
LXP intends to use the net proceeds from the offering to pay down all amounts outstanding under its revolving credit facility and any remaining proceeds for general corporate purposes, including, but not limited to, the repayment of outstanding indebtedness at or in advance of maturity and funding LXP's development pipeline.
Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, KeyBanc Capital Markets Inc., Regions Securities LLC, BofA Securities, Inc. and TD Securities (USA) LLC are acting as joint book-running managers of the offering and Citizens ...