BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) announced that it has entered into a new $100 million senior secured revolving credit facility, providing expanded line capacity, lower borrowing costs and greater capital structure flexibility. The credit facility replaces an existing $45 million facility that was set to expire in August 2020.
The new revolving credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility up to $200 million, subject to certain conditions. The new credit facility matures in August 2023 and has two, six-month extension options, subject to certain conditions. Amounts outstanding under the facility bear interest at LIBOR plus a margin between 200 to 250 basis points (previously set at 250 to 300 basis points), depending on the Company’s leverage.
KeyBanc Capital Markets, as Lead Arranger, arranged the new facility. Syndicate lenders included Barclays Bank PLC and CapOne National Association with KeyBank National Association serving as administrative agent.
Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “We are pleased to work with the bank syndicate to substantially increase our line capacity while at the same time lowering our borrowing costs and extending the maturity. We believe the increased flexibility will enhance our continued execution of new growth opportunities.”
About Plymouth
Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.
Forward-Looking Statements
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