(“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 $15.0million 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
