Industrial Logistics Properties Trust has obtained a $350m loan to reduce outstanding borrowings under its $750m unsecured revolving credit facility. The loan was provided by Morgan Stanley, UBS Investment Bank and Bank of America. The funding was secured by a portfolio of 11 industrial properties located in eight states containing approximately 8 million sq ft. The 10-year loan is non-amortizing and carries a fixed interest rate of 3.33 percent.
“We are pleased to take advantage of the current low interest rate environment to replace a portion of our floating rate debt with attractive long-term, interest-only, fixed rate debt,” said John Murray, ILPT’s president and CEO. “This financing increases our fixed rate debt to 79 percent of total debt, extends the average maturity of our debt to over seven and a half years and provides positive leverage on this high-quality mainland industrial portfolio.”
