{"id":3780,"date":"2021-08-31T10:25:42","date_gmt":"2021-08-31T15:25:42","guid":{"rendered":"https:\/\/1reason.com\/re\/indus-closes-new-revolving-credit-facility\/3780\/"},"modified":"2021-09-01T05:25:42","modified_gmt":"2021-09-01T10:25:42","slug":"indus-closes-new-revolving-credit-facility","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/indus-closes-new-revolving-credit-facility\/3780\/","title":{"rendered":"INDUS Closes New Revolving Credit Facility"},"content":{"rendered":"
The New Credit Facility has a three-year term with two one-year extensions at the Company\u2019s option. The New Credit Facility also includes an uncommitted incremental facility, which would enable the New Credit Facility to be increased up to $250 million in the aggregate. Borrowings under the New Credit Facility will bear interest subject to a pricing grid for changes in the Company\u2019s total leverage. Based on the Company\u2019s current leverage, the initial annual interest rate under the New Credit Facility is one-month LIBOR plus 1.20% compared to a rate of one-month LIBOR plus 2.50% and one-month LIBOR plus 2.75% under itsformerrevolving credit line and acquisition credit line, respectively. <\/p>\n

\u201cThis facility provides the Company ample liquidity and flexibility as we continue to grow our industrial\/logistics portfolio,\u201d said Michael Gamzon, President and Chief Executive Officer. \u201cWe are pleased to substantially lower our borrowing costs from our prior facilities, in addition to migrating from a mortgage-secured to an equity-pledge structure. We remain committed to growing our unencumbered industrial\/logistics portfolio and we thank all of our existing and new lending partners for their strong support of our vision and for their credit commitments to INDUS.\u201d<\/p>\n

JPMorgan Chase Bank, N.A. and Citibank, N.A. were the Joint Lead Arrangers and Joint Book Runners, with JPMorgan Chase Bank, N.A. as Administrative Agent, and Citibank, N.A. as Syndication Agent. BMO Harris Bank, N.A., KeyBank National Association and Morgan Stanley Senior Funding, Inc. also participated in the New Credit Facility.<\/p>\n

About INDUS<\/strong><\/p>\n

INDUS is a real estate business principally engaged in developing, acquiring, managing and leasing industrial\/logistics properties. As of August 5, 2021, INDUS owns 43 buildings totaling approximately 5.3 million square feet (including 33 industrial\/logistics buildings aggregating approximately 4.9 million square feet) in Connecticut, Pennsylvania, North Carolina and Florida in addition to over 3,400 acres of undeveloped land.<\/p>\n

CONTACT:<\/strong>
Anthony Galici<\/strong>
Executive Vice President, Chief Financial Officer<\/strong>
(860) 286-1307 <\/strong>
agalici@indusrt.com<\/strong><\/p>\n

Ashley Pizzo<\/strong>
Vice President, Capital Markets & Investor Relations<\/strong>
(212) 218-7914 <\/strong>
apizzo@indusrt.com<\/strong><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

NEW YORK, Aug. 05, 2021 (GLOBE NEWSWIRE) — INDUS Realty Trust, Inc. (Nasdaq: INDT) (\u201cINDUS\u201d or the \u201cCompany\u201d), a U.S. based industrial\/logistics REIT, announced today INDUS, as parent guarantor, INDUS RT, LP, as borrower, and certain subsidiaries of INDUS RT, LP as guarantors, have entered into a secured revolving credit facility of up to $100 million (the \u201cNew Credit Facility\u201d), replacing both the Company\u2019s former revolving credit line and acquisition credit line, which totaled $50 million in the aggregate and were scheduled to expire on September 30, 2021.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3780"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=3780"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3780\/revisions"}],"predecessor-version":[{"id":3809,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3780\/revisions\/3809"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=3780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=3780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=3780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}