NEWTON, Mass.--(BUSINESS WIRE)--Industrial Logistics Properties Trust (Nasdaq:ILPT) today announced that the syndication of its $750 million unsecured revolving credit facility has closed.
The maturity date of the credit facility is December 29, 2021, with the option to extend the maturity date for two additional six month periods, subject to payment of extension fees and satisfaction of other conditions. Amounts outstanding under ILPT’s credit facility bear interest at a variable annual rate equal to LIBOR plus a premium, which will vary depending on the amount of ILPT’s leverage.
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets and Wells Fargo Securities, LLC acted as the Joint Lead Arrangers and Joint Bookrunners for the credit facility. Banks participating in the credit facility are as follows:
|
Name of Institution |
Facility Title |
|
| Citibank, N.A. | Joint Lead Arranger, Joint Bookrunner and Administrative Agent | |
| Bank of America, N.A. | Joint Lead Arranger, Joint Bookrunner and Syndication Agent | |
| Royal Bank of Canada | Joint Lead Arranger, Joint Bookrunner and Syndication Agent | |
| Wells Fargo Bank, N.A. | Joint Lead Arranger, Joint Bookrunner and Syndication Agent | |
| BMO Harris Bank N.A. | Co-Documentation Agent | |
| Bank of the West | Co-Documentation Agent | |
| Branch Banking and Trust Company | Co-Documentation Agent | |
| Compass Bank | Co-Documentation Agent | |
| Mizuho Bank, Ltd | Co-Documentation Agent | |
| PNC Bank, N.A. | Co-Documentation Agent | |
| Regions Bank | Co-Documentation Agent | |
| US Bank, N.A. | Co-Documentation Agent | |
| Bank of Hawaii | Senior Managing Agent | |
| Barclays Bank PLC | Senior Managing Agent | |
| First Hawaiian Bank | Senior Managing Agent | |
| Morgan Stanley Bank, N.A. | Senior Managing Agent | |
| UBS AG, Stamford Branch | Senior Managing Agent | |
| American Savings Bank, F.S.B. | Lender | |
| Berkshire Bank | Lender | |
| Land Bank of Taiwan Los Angeles Branch | Lender | |
| First Commercial Bank, Ltd., New York Branch | Lender | |
| CTBC Bank Co., Ltd., New York Branch | Lender | |
Industrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON ILPT’S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR. FOR EXAMPLE:
- CONTINUED AVAILABILITY OF BORROWINGS UNDER ILPT’S CREDIT FACILITY IS SUBJECT TO ILPT’S SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CREDIT FACILITY CONDITIONS THAT ILPT MAY BE UNABLE TO SATISFY.
- ILPT HAS THE OPTION TO EXTEND THE MATURITY DATE OF ITS CREDIT FACILITY UPON PAYMENT OF A FEE AND MEETING OTHER CONDITIONS. HOWEVER, THE APPLICABLE CONDITIONS MAY NOT BE MET.
- ACTUAL COSTS UNDER ILPT’S CREDIT FACILITY WILL BE HIGHER THAN LIBOR PLUS A PREMIUM BECAUSE OF FEES AND EXPENSES ASSOCIATED WITH SUCH DEBT.
- THE PREMIUMS USED TO DETERMINE THE INTEREST RATE PAYABLE ON ILPT’S CREDIT FACILITY AND THE UNUSED FEE PAYABLE ON ILPT’S CREDIT FACILITY ARE BASED ON ILPT’S LEVERAGE. FUTURE CHANGES IN ILPT’S LEVERAGE MAY CAUSE THE INTEREST AND FEES ILPT PAYS TO INCREASE.
FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
