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

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 ...