UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

August 7, 2019

Date of Report (Date of earliest event reported)

PLYMOUTH INDUSTRIAL REIT, INC.

(Exact Name of Registrant as Specified in Its Charter)

260 Franklin Street, 7th Floor

Boston, MA 02110

(Address of Principal Executive Offices) (Zip Code)

(617) 340-3814

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

On August 7, 2019, Plymouth Industrial OP, LP (the “Borrower”), the operating partnership subsidiary of Plymouth Industrial REIT, Inc. (the “Company”), and the guarantors named therein entered into an Amended and Restated Credit Agreement with KeyBank National Association (“KeyBank”) and the other lenders that are parties thereto, with KeyBank, as Agent, and KeyBank Capital Markets, as Sole Lead Arranger and Sole Book Manager (the “New Credit Agreement”). The New Credit Agreement provides the Borrower with a $100 million revolving credit facility with an accordion feature that allows the total borrowing capacity under the New Credit Agreement to be increased to $200 million, subject to certain conditions. The New Credit Agreement matures in August 2023 and has two, six-month extension options, subject to certain conditions. Borrowings under the New Credit Agreement bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus, in either case, a spread between 100 and 150 basis points for base rate loans or a spread between 200 and 250 basis points for LIBOR rate loans, with the amount such spread depending on the Borrower’s total leverage ratio. The New Credit Agreement is secured by certain assets of the Borrower and the subsidiary guarantors.

The New Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The covenants limit the Borrower’s use of proceeds to, among other things, repaying existing loans, funding acquisitions of additional properties, funding capital and construction expenditures, tenant improvements, leasing commissions and property and equipment acquisitions and for general working capital purposes. The New Credit Agreement also contains financial covenants that require the Company to maintain a minimum fixed charge coverage ratio of 1.35 to 1.0, a maximum total indebtedness to total asset value of 65% and a minimum net worth of $_________, plus 80% of any future issuance of equity by either the Company or the Borrower.

In the event of a default by the Borrower, the agent may, and at the request of the requisite number of lenders, shall, declare all obligations under the New Credit Agreement immediately due and payable, terminate the lenders’ commitments to make loans under the New Credit Agreement and enforce any and all rights of the lenders or the agent under the New Credit Agreement and related documents.

A copy of the New Credit Agreement is attached to this current report on Form 8-K as Exhibit 10.1 and is incorporated by reference as though it were fully set forth herein. The foregoing summary description of the New Credit Agreement and the transaction contemplated thereby is not intended to be complete and is qualified in its entirety by the complete text of the New Credit Agreement.

On August 5, 2019, the Borrower used a portion of the proceeds from borrowings under the New Credit Facility to repay its outstanding obligations under its Credit Facility with KeyBank, dated August 11, 2017, as amended on March 8, 2018 (the “Prior Credit Facility”). The Prior Credit Facility bore interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the one month LIBOR rate plus 1.0% or (2) LIBOR, plus, in either case, a spread between 250 and 300 basis points depending on the Borrower’s total leverage ratio. The Prior Credit Facility was scheduled to mature in August 2020. As a result of such payment, the Prior Credit Facility has been repaid in full.

of a Registrant

The information contained in Item 1.01 above is incorporated herein by reference.

On August 5, 2019, the Company issued a press release announcing the matters described above. A copy of that press is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 to Form 8-K, the information contained in Item 7.01 of this Current Report on Form 8-K is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.