INDUS Closes New Revolving Credit Facility
August 05 2021 - 6:53PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”), a U.S. based industrial/logistics REIT,
announced today INDUS, as parent guarantor, INDUS RT, LP, as
borrower, and certain subsidiaries of INDUS RT, LP as guarantors,
have entered into a secured revolving credit facility of up to $100
million (the “New Credit Facility”), replacing both the Company’s
former revolving credit line and acquisition credit line, which
totaled $50 million in the aggregate and were scheduled to expire
on September 30, 2021. The New Credit Facility has a three-year
term with two one-year extensions at the Company’s option. The New
Credit Facility also includes an uncommitted incremental facility,
which would enable the New Credit Facility to be increased up to
$250 million in the aggregate. Borrowings under the New Credit
Facility will bear interest subject to a pricing grid for changes
in the Company’s total leverage. Based on the Company’s current
leverage, the initial annual interest rate under the New Credit
Facility is one-month LIBOR plus 1.20% compared to a rate of
one-month LIBOR plus 2.50% and one-month LIBOR plus 2.75% under
its former revolving credit line and acquisition credit
line, respectively.
“This facility provides the Company ample
liquidity and flexibility as we continue to grow our
industrial/logistics portfolio,” said Michael Gamzon, President and
Chief Executive Officer. “We are pleased to substantially lower our
borrowing costs from our prior facilities, in addition to migrating
from a mortgage-secured to an equity-pledge structure. We remain
committed to growing our unencumbered industrial/logistics
portfolio and we thank all of our existing and new lending partners
for their strong support of our vision and for their credit
commitments to INDUS.”
JPMorgan Chase Bank, N.A. and Citibank, N.A.
were the Joint Lead Arrangers and Joint Book Runners, with JPMorgan
Chase Bank, N.A. as Administrative Agent, and Citibank, N.A. as
Syndication Agent. BMO Harris Bank, N.A., KeyBank National
Association and Morgan Stanley Senior Funding, Inc. also
participated in the New Credit Facility.
About INDUS
INDUS is a real estate business principally
engaged in developing, acquiring, managing and leasing
industrial/logistics properties. As of August 5, 2021, INDUS owns
43 buildings totaling approximately 5.3 million square feet
(including 33 industrial/logistics buildings aggregating
approximately 4.9 million square feet) in Connecticut,
Pennsylvania, North Carolina and Florida in addition to over 3,400
acres of undeveloped land.
CONTACT:Anthony
GaliciExecutive Vice President, Chief Financial
Officer(860) 286-1307
agalici@indusrt.com
Ashley PizzoVice President, Capital
Markets & Investor Relations(212)
218-7914 apizzo@indusrt.com
INDUS Realty (NASDAQ:INDT)
Historical Stock Chart
From Jun 2024 to Jul 2024
INDUS Realty (NASDAQ:INDT)
Historical Stock Chart
From Jul 2023 to Jul 2024