INDUS Announces Amendment to Revolving Credit Line
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.
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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.
Details
News Market Reaction – INDT
The recorded move for INDT in the trading session of this news was -9.31%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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
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