Plymouth Industrial REIT closes $ 500 million unsecured credit facilities
BOSTON–(COMMERCIAL THREAD) – Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced that it has entered into a $ 500 million unsecured blended credit facility, which includes a $ 200 million modified revolving credit facility, modified term loan $ 100 million and a new $ 200 million Term Loan, providing increased borrowing capacity and greater flexibility in the capital structure with lower borrowing costs and longer maturities.
The combined unsecured credit facilities have an accordion feature allowing the Company to increase the total borrowing capacity under the credit facilities to a total of $ 1 billion, subject to certain conditions. The amended revolving credit facility expires in August 2025 and has two six-month extension options, subject to certain conditions, the $ 100 million amended term loan matures in August 2026 and the new term loan of $ 200 million matures in February 2027. The revolving credit facility bears interest at LIBOR plus a margin of between 135 and 190 basis points with no LIBOR floor (previously set at 145 to 200 basis points with LIBOR 30 basis points) and term facilities outstanding bear interest at LIBOR plus a margin of between 130 and 185 basis points, in both cases depending on the leverage of the Company.
Jeff Witherell, Chairman and CEO of Plymouth Industrial REIT, said: âWith the support and commitment of our extended banking group, we have continued to match the scale of our growing platform. with unsecured borrowing capacity at lower rates and well-staggered maturities. . This credit facility provides us with significant flexibility and efficiency within our capital structure to fund our growth. ”
KeyBanc Capital Markets and CapOne National Association, as joint lead arrangers, arranged the new $ 200 million term loan. Syndicate lenders included BMO Harris Bank NA, JPMorgan Chase Bank, Truist Bank and Huntington National Bank. KeyBanc Capital Markets arranged the modified revolving facility and the modified term loan. Syndicated lenders included Barclays Bank PLC, the national association CapOne JPMorgan Chase Bank and the national association BMO Harris Bank NA KeyBank serves as administrative agent for the credit facility.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a real estate investment trust focused on the acquisition, ownership and management of single-tenant and multi-tenant industrial properties, including distribution centers, warehouses, light industrial and small bay industrial properties, located in primary and secondary markets within major United States industrial, distribution and logistics corridors.
This press release includes “forward-looking statements” which are made in accordance with the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that the statements contained in this press release, which are not strictly historical statements, including, without limitation, statements regarding the plans, objectives and strategies of management, constitute forward-looking statements. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by forward-looking statements, many of which may be beyond our control, including, without be limited to those factors described under the headings “Caution Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q Filed with the Securities and Exchange Commission. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “plan”, “seek”, “will”, “expect”, “intend”, “estimate”. “,” Anticipate “,” believe “or” continue “or the negative of it or variations of it or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we assume no obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unforeseen events or otherwise. .