- 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)
Plymouth Industrial REIT gets $35.7M loan, to repay mezzanine debt
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Symbol | Last Price | % Chg |
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Plymouth Industrial REIT, Inc. |