UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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| Securities registered pursuant to Section 12(b) of the Act: | ||
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
| Item 1.01 | Entry into a Material Definitive Agreement |
On November 10, 2023, Plymouth Industrial REIT, Inc. (the “Company”) entered into interest rate swap agreements with Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., and Capital One, N.A. for a total notional amount of $100.0 million to fix the USD-SOFR floating rate at a weighted average of 4.75% for its unsecured revolving credit facility through maturity. Based on the Company’s current applicable spread on its credit facility, the $100.0 million is now fixed at a weighted average interest rate of 6.40%.
As of November 10, 2023, the Company has $890.3 million of debt outstanding. With the execution of these interest rate swap agreements, 92% of the Company’s outstanding debt is now fixed at a weighted average interest rate of 3.99% with total debt outstanding at a weighted average interest rate of 4.23%. In addition, 70% of total debt outstanding is unsecured, and the Company has only $18.6 million of debt maturing until August 2025.
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| PLYMOUTH INDUSTRIAL REIT, INC. | ||||||
| Date: November 13, 2023 | By: |
/s/ Jeffrey E. Witherell | ||||
| Jeffrey E. Witherell | ||||||
| Chief Executive Officer | ||||||