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
Date of Report (Date of earliest event reported)
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
(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):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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. ☐
| 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 | ||||||
Cover |
Nov. 10, 2023 |
|---|---|
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Nov. 10, 2023 |
| Entity File Number | 001-38106 |
| Entity Registrant Name | PLYMOUTH INDUSTRIAL REIT, INC. |
| Entity Central Index Key | 0001515816 |
| Entity Tax Identification Number | 27-5466153 |
| Entity Incorporation, State or Country Code | MD |
| Entity Address, Address Line One | 20 Custom House Street |
| Entity Address, Address Line Two | 11th Floor |
| Entity Address, City or Town | Boston |
| Entity Address, State or Province | MA |
| Entity Address, Postal Zip Code | 02110 |
| City Area Code | (617) |
| Local Phone Number | 340-3814 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | false |
| Common Stock, par value $0.01 per share | |
| Title of 12(b) Security | Common Stock, par value $0.01 per share |
| Trading Symbol | PLYM |
| Security Exchange Name | NYSE |
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