Industrial Logistics Properties Trust (ILPT) has entered into a significant mortgage loan agreement, securing a $1.16 billion loan with a consortium of lenders including Citi Real Estate Funding Inc., Bank of America, N.A., Morgan Stanley Mortgage Capital Holdings LLC, Bank of Montreal, Royal Bank of Canada, and UBS AG New York Branch. The loan, secured by 101 properties, matures in July 2030 and carries a fixed interest rate of 6.399% per annum. The proceeds from this loan, alongside cash on hand, were utilized to fully repay ILPT's previous $1.235 billion floating rate loan, effectively terminating the agreements related to the latter without any penalties. The new agreement includes customary covenants and provisions for accelerated payment in case of certain defaults. The lenders have previously engaged in various financial dealings with ILPT and may continue to do so in the future.
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