On August 4, 2021, Rexford Industrial Realty, L.P. (the “operating partnership”), a Maryland limited partnership and subsidiary of Rexford Industrial Realty, Inc. (the “Company”), priced an underwritten public offering of $400,000,000 aggregate principal amount of 2.150% Senior Notes due 2031 (the “Notes”). The Notes were priced at 99.014% of the principal amount and will mature on September 1, 2031. The offering is expected to settle on August 9, 2021, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed by the Company.
The operating partnership intends to allocate an amount equal to the net proceeds from the offering to investments in recently completed or future green building, energy and resource efficiency and renewable energy projects, including the development and redevelopment of such projects. Pending the allocation of an amount equal to the net proceeds from the offering to eligible green projects, the operating partnership intends to use the net proceeds from the offering to repay borrowings outstanding under the operating partnership’s $225 million term loan facility, fund the redemption of all shares of the Company’s 5.875% Series A Cumulative Redeemable Preferred Stock and for general management activities that may include funding future acquisitions, funding development or redevelopment activities or the repayment of other outstanding indebtedness.
The Notes are being offered pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on November 6, 2020 (Registration Nos. 333-249932 and 333-249932-01), a base prospectus included therein, dated November 6, 2020, and a preliminary prospectus supplement, dated August 4, 2021, filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended. This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
