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Plymouth Industrial REIT gets $35.7M loan, to repay mezzanine debt

May 24, 2018 1:03 PM ETPlymouth Industrial REIT, Inc. (PLYM) StockBy: Liz Kiesche, SA News Editor
  • Plymouth Industrial REIT (NYSE:PLYM -5.2%) will use a new $35.7M loan to repay in full high-interest mezzanine debt held by Torchlight Investors
  • The move allows the company to reduce its annual interest expense earlier that it had planned; previously, the company had said that the earliest it would make sense to prepay the loan would be Q3 of next year.
  • The new senior secured term loan with KeyBank N.A. matures in August 2021 and bears interest at a rate of LIBOR plus 7.0%. The loan is secured by equity interests in 20 properties.
  • The mezzanine debt was scheduled to mature in October 2023 and bears interest at a rate of 15.0% per annum.
  • Source: Press Release
  • Previously: Plymouth Industrial REIT raising capital (May 21)

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