INDUS Announces Amendment to Revolving Credit Line

Rhea-AI Summary

INDUS Realty Trust, Inc. (Nasdaq: INDT) announced a significant increase in its Revolving Line of Credit from $19.5 million to $35.0 million through a fourth amendment with Webster Bank. The amendment also adds two industrial properties in Charlotte, NC, totaling 283,000 square feet, to the collateral. This brings the total borrowing capacity with Webster Bank to $50.0 million. INDUS continues to focus on developing, acquiring, and managing industrial/logistics properties, owning 41 buildings across several states, including over 3,400 acres of undeveloped land.

Positive

• Increase in revolving credit line from $19.5 million to $35.0 million.
• Total borrowing capacity with Webster Bank increased to $50.0 million.
• Addition of two industrial/logistics properties enhances collateral.

Negative

• None.

NEW YORK, March 22, 2021 (GLOBE NEWSWIRE) -- 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 Galici
Chief Financial Officer
(860) 286-1307
agalici@indusrt.com

Ashley Pizzo
Director, IR & Capital Markets
(212) 218-7914
apizzo@indusrt.com

 

FAQ

What is the new credit line amount for INDUS Realty Trust (INDT)?

The new credit line amount for INDUS Realty Trust is increased to $35.0 million.

How much is the total borrowing capacity for INDUS with Webster Bank?

The total borrowing capacity for INDUS with Webster Bank has increased to $50.0 million.

What properties are included in the collateral for INDUS's revolving credit line?

The collateral includes two new industrial/logistics properties in Charlotte, NC, along with existing office and industrial buildings.

When was the revolving credit line amendment for INDUS Realty Trust announced?

The revolving credit line amendment was announced on March 22, 2021.

What type of properties does INDUS Realty Trust focus on?

INDUS Realty Trust focuses on developing, acquiring, managing, and leasing industrial/logistics properties.