MODIV INDUSTRIAL, INC. (MDV): debt financing — Modiv expands credit facility to $400M, fixes rate on additional $100M term debt

MODIV INDUSTRIAL, INC.

Credit facility increased from $250M to $400M ($150M revolver + $250M term loan); accordion allows up to $750M.
Purchased five-year swap at 3.44% on $100M term loan; fixed rate 5.04% when leverage ≤40%.
Revolver matures Jan 2026 (extendable 12 months); term loan matures Jan 2027.
Current revolver rate 4.65% (SOFR+155bps+10bps), based on leverage grid (38% at June 30, 2022).
CEO cites liquidity to accelerate net-lease industrial manufacturing investment strategy.

item 1.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MODIV INDUSTRIAL, INC. amended credit facility of $400,000,000 with KeyBank National Association.

Instrument: credit facility
Principal: $400,000,000
Counterparty: KeyBank National Association
Event: amendment

Exact text from the filing

to, among other things, (i) increase the four-year revolving line of credit under the Credit Agreement from $100,000,000 to $150,000,000, (ii) increase the five-year term loan under the Credit Agreement from $150,000,000 to $250,000,000 (the “Term Loan”), and (iii) increase the total commitment of the Lenders under the Credit Agreement from $250,000,000 to $400,000,000

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Source: SEC EDGAR

accession 0001140361-22-038563

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