Plymouth Industrial REIT Upsizes Aggregate Borrowing Capacity to $1.5 Billion with New $600 Million Unsecured Credit Facility

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

Insights

Financial Analyst

This significant credit facility expansion represents a major enhancement to PLYM's financial flexibility. The $600 million amended facility, combined with existing term loans, brings total borrowing capacity to $1.5 billion - a substantial increase that strengthens the REIT's ability to pursue growth opportunities. Key improvements include:

• 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 1.527% and 2.904% provide interest rate protection in the current environment. This refinancing, coupled with the recent Sixth Street transaction, positions PLYM well for executing its industrial real estate acquisition strategy while maintaining a conservative balance sheet.

BOSTON, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced it has entered into a $600 million amended and restated unsecured credit facility that provides expanded borrowing capacity, extended maturities and enhanced ability to pursue other unsecured debt.

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 $200 million term loan that matures in February 2027 and has a fixed rate swap of SOFR at 1.527% and an existing $150 million term loan that matures in May 2027 and has a fixed rate swap of SOFR at 2.904%.

“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

What is the size of Plymouth Industrial REIT's (PLYM) new unsecured credit facility?

Plymouth Industrial REIT's new unsecured credit facility is $600 million, consisting of a $500 million revolving credit facility and a $100 million term loan.

When does PLYM's new revolving credit facility mature?

The new revolving credit facility matures in November 2028, with one one-year extension option, extended from the previous August 2025 maturity date.

What is Plymouth Industrial REIT's (PLYM) total borrowing capacity after the new facility?

Plymouth Industrial REIT's total borrowing capacity increased to $1.5 billion after securing the new $600 million unsecured credit facility.

What are the terms of PLYM's existing term loans?

PLYM has two 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%.