INDUS Announces Amendment to Revolving Credit Line
March 22 2021 - 5:00PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”) today announced that its wholly owned
subsidiary, INDUS Realty Trust, LLC, entered into the fourth
amendment (the “Revolving Credit Line Amendment”) to the Revolving
Line of Credit Loan Agreement (the “Amended Webster Credit Line”)
with Webster Bank, N.A. (“Webster Bank”). The Revolving Credit Line
Amendment provides for an increase in the amount of the Amended
Webster Credit Line from $19.5 million to $35.0 million, while
adding two industrial/logistics properties totaling approximately
283,000 square feet in the Charlotte, North Carolina area to the
collateral for the Amended Webster Credit Line. In addition to the
two industrial/logistics properties in the Charlotte area, the
collateral pool for the Amended Webster Credit Line will consist of
the Company’s eight office/flex buildings aggregating approximately
224,000 square feet and two industrial/logistics buildings
aggregating approximately 50,000 square feet in Connecticut and an
approximately 68,000 square foot industrial/logistics building in
Orlando, Florida. The Revolving Credit Line Amendment amends the
Amended Webster Credit Line interest rate to include a provision
that the one month LIBOR rate cannot be less than zero. Along with
the Company’s separate $15.0 million credit line for
acquisitions, total borrowing capacity under credit lines with
Webster Bank increased to $50.0 million as a result of the
Revolving Credit Line Amendment.
About INDUS
INDUS (formerly known as Griffin Industrial
Realty, Inc.) is a real estate business principally engaged in
developing, acquiring, managing and leasing industrial/logistics
properties. INDUS owns 41 buildings totaling approximately 4.6
million square feet (including 30 industrial/logistics buildings
aggregating approximately 4.2 million square feet) in Connecticut,
Pennsylvania, North Carolina and Florida in addition to over 3,400
acres of undeveloped land.
CONTACT:Anthony
GaliciChief Financial
Officer(860) 286-1307
agalici@indusrt.com
Ashley PizzoDirector, IR & Capital
Markets(212)
218-7914apizzo@indusrt.com
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