LXP Industrial Trust (NYSE:LXP) shares picked up some ground Wednesday. The company, a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced it has closed a $600-million senior unsecured revolving credit facility. The facility amends and restates LXP’s previous unsecured revolving credit facility.
The new revolving credit facility matures on January 31, 2030, with the option to extend the maturity for two successive six-month terms or one 12-month term, at LXP’s discretion, subject to certain conditions. The facility provides for an interest rate of SOFR plus 77.5 basis points, based on LXP's current consolidated leverage ratio and credit ratings, reduced from SOFR plus 95 basis points under the previous facility.
The facility also provides for a facility fee of 15 basis points of total commitments, reduced from 20 basis points under the previous facility.
LXP also announced the refinancing of its $250 million unsecured term loan with an initial maturity date of January 31, 2029, with two one-year extension options at LXP's discretion, subject to certain conditions.
The term loan provides for an interest rate of SOFR plus 85 basis points, based on the Company's current consolidated leverage ratio and credit ratings, reduced from 110 basis points under the previous facility.
LXP shares grabbed 8.5 cents to $50.32.
