Plymouth Industrial REIT Upsizes Aggregate Borrowing Capacity to $1.5 Billion with New $600 Million Unsecured Credit Facility
Plymouth Industrial REIT has secured a new $600 million unsecured credit facility, increasing its total borrowing capacity to $1.5 billion. The facility includes a $500 million revolving credit facility (up from $350 million) maturing in November 2028 and a $100 million term loan also maturing in November 2028. Both components include one-year extension options. This complements existing term loans: a $200 million loan maturing in February 2027 with SOFR fixed at 1.527% and a $150 million loan maturing in May 2027 with SOFR fixed at 2.904%. The expanded facility features five new lending institutions joining the syndicate.
Plymouth Industrial REIT ha ottenuto una nuova linea di credito non garantita di 600 milioni di dollari, aumentando la sua capacità di prestito totale a 1,5 miliardi di dollari. La linea comprende una linea di credito revolving di 500 milioni di dollari (in aumento rispetto a 350 milioni) con scadenza a novembre 2028 e un prestito a termine di 100 milioni di dollari anch'esso in scadenza a novembre 2028. Entrambi i componenti includono opzioni di estensione di un anno. Questo si aggiunge ai prestiti a termine esistenti: un prestito di 200 milioni di dollari in scadenza a febbraio 2027 con SOFR fissato all'1,527% e un prestito di 150 milioni di dollari in scadenza a maggio 2027 con SOFR fissato al 2,904%. La linea di credito ampliata presenta cinque nuove istituzioni di prestito che si uniscono al syndacato.
Plymouth Industrial REIT ha asegurado una nueva línea de crédito no garantizada de 600 millones de dólares, aumentando su capacidad total de endeudamiento a 1.5 mil millones de dólares. La línea incluye una línea de crédito revolvente de 500 millones de dólares (aumentando desde 350 millones) que vence en noviembre de 2028 y un préstamo a plazo de 100 millones de dólares también con vencimiento en noviembre de 2028. Ambos componentes incluyen opciones de extensión de un año. Esto complementa los préstamos a plazo existentes: un préstamo de 200 millones de dólares que vence en febrero de 2027 con SOFR fijado en 1.527% y un préstamo de 150 millones de dólares que vence en mayo de 2027 con SOFR fijado en 2.904%. La instalación ampliada cuenta con cinco nuevas instituciones de crédito que se unen al sindicato.
플리머스 산업 리츠는 6억 달러 규모의 무담보 신용 시설을 확보하여 총 차입 가능 금액을 15억 달러로 늘렸습니다. 이 시설에는 2028년 11월 만료되는 5억 달러 규모의 회전 신용 시설 (3억 5천만 달러에서 증가)과 2028년 11월 만료되는 1억 달러 규모의 기간 대출이 포함되어 있습니다. 두 구성 요소 모두 1년 연장 옵션이 포함되어 있습니다. 이는 기존의 기간 대출을 보완합니다: 2027년 2월 만료되는 2억 달러 대출은 1.527%로 고정된 SOFR을 적용하며, 2027년 5월 만료되는 1억 5천만 달러 대출은 2.904%로 고정된 SOFR을 적용합니다. 확대된 시설에는 신디케이트에 참여하는 5개의 새로운 대출 기관이 포함되어 있습니다.
Plymouth Industrial REIT a sécurisé une nouvelle ligne de crédit non garantie de 600 millions de dollars, portant sa capacité d'emprunt total à 1,5 milliard de dollars. La ligne comprend une ligne de crédit renouvelable de 500 millions de dollars (en hausse par rapport à 350 millions) à échéance en novembre 2028 et un prêt à terme de 100 millions de dollars également échéant en novembre 2028. Les deux composantes incluent des options d'extension d'un an. Cela complète les prêts à terme existants : un prêt de 200 millions de dollars échéant en février 2027 avec un SOFR fixé à 1,527% et un prêt de 150 millions de dollars échéant en mai 2027 avec un SOFR fixé à 2,904%. La ligne de crédit élargie comprend cinq nouvelles institutions de prêt rejoignant le syndicat.
Plymouth Industrial REIT hat eine neue, unbesicherte Kreditfazilität in Höhe von 600 Millionen Dollar gesichert, wodurch die Gesamtkreditlinie auf 1,5 Milliarden Dollar erhöht wird. Die Fazilität umfasst eine revolving Kreditfazilität von 500 Millionen Dollar (von zuvor 350 Millionen) mit Fälligkeit im November 2028 sowie einen Terminkredit von 100 Millionen Dollar, der ebenfalls im November 2028 fällig wird. Beide Komponenten beinhalten einjährigen Verlängerungsoptionen. Dies ergänzt bestehende Terminkredite: einen Kredit von 200 Millionen Dollar, der im Februar 2027 fällig wird, mit einem bei 1,527% festgelegten SOFR und einen Kredit von 150 Millionen Dollar, der im Mai 2027 fällig wird, mit einem bei 2,904% festgelegten SOFR. Die erweiterte Fazilität umfasst fünf neue Kreditinstitute, die dem Syndikat beitreten.
- Increased revolving credit facility from $350M to $500M
- Extended maturity dates to November 2028 from previous 2025/2026 dates
- Added five new institutions to lending syndicate
- Enhanced total borrowing capacity to $1.5B
- Secured additional liquidity for growth plans
- None.
Insights
This significant credit facility expansion represents a major enhancement to PLYM's financial flexibility. The
- Extended maturity dates to 2028 with extension options
- Expanded revolving credit from
$350 million to$500 million - Addition of five new lending institutions, indicating strong banking relationships
The fixed rate swaps on existing term loans at
BOSTON, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced it has entered into a
The new unsecured credit facility is comprised of:
- A revolving credit facility that expanded from
$350 million to$500 million , matures in November 2028 (compared with August 2025 previously) and has one, one-year extension option, subject to certain conditions; and - A
$100 million term loan that that now matures in November 2028 (compared with August 2026 previously) and has one, one-year extension option, subject to certain conditions.
The facility complements the Company’s existing
“We are pleased with the execution and support of our banking group as well as the addition of five new institutions to the lending syndicate. When combined with the recent capital raised from the Sixth Street transaction, the expanded capacity from this unsecured facility should provide ample liquidity to execute on our growth plans,” said Anthony Saladino, Chief Financial Officer of Plymouth.
KeyBanc Capital Markets served as Joint Lead Arranger and KeyBank National Association served as Administrative Agent. Capital One, National Association, JPMorgan Chase Bank, N.A., and Truist Bank Securities, Inc, served as Joint Lead Arrangers and Co-Syndication Agents. The Huntington National Bank, Regions Capital Markets and U.S. Bank, National Association served as Documentation Agents. Other lenders include Bank of America, N.A., The Bank of Nova Scotia, Associated Bank, N.A., Bank of Montreal, Wells Fargo Bank, National Association, Synovus Bank, and S&T Bank.
About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.
Forward-Looking Statements
This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, as well as statements regarding the timing of the consummation of the transactions, if at all, and the anticipated benefits therefrom, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Contacts:
Plymouth Industrial REIT, Inc.
Tripp Sullivan
SCR Partners
IR@plymouthreit.com
FAQ
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