LXP Industrial Trust 8-K

What Happened

• LXP Industrial Trust announced on Jan 13, 2026 that it entered into a Third Amended and Restated Credit Agreement with KeyBank and certain lenders, replacing its prior credit agreement. The new facility includes a $600.0 million senior unsecured revolving credit facility and a $250.0 million unsecured term loan. A press release was issued on Jan 14, 2026.
• The Term Loan proceeds will be used to refinance the prior term loan under the existing agreement. The Trust currently has no borrowings outstanding under the Revolver and expects to use Revolver capacity for general working capital and new investments.

Key Details

• Facility sizes: $600.0M Revolver; $250.0M Term Loan; ability with lender approval to increase total Revolver/Term Loan (and additional term loans) so combined commitments do not exceed $1.8B.
• Sub‑facilities: $40.0M letter of credit sub‑facility and $40.0M swingline sub‑facility.
• Maturities & extensions:
  • Revolver matures Jan 31, 2030; Trust may extend twice by 6 months each or once by 1 year (to Jan 31, 2031) subject to conditions and extension fees (0.05%, 0.075%, or 0.125% of commitments).
  • Term Loan matures Jan 31, 2029; Trust may extend twice by 1 year each (to Jan 31, 2031) subject to conditions and a 0.125% extension fee on outstanding principal for each extension.
• Interest and fees:
  • Borrowings are interest‑only during the term; principal due at maturity.
  • Revolver interest: base rate + 0.00%–0.40% or daily/term SOFR + 0.725%–1.40%. Current SOFR margin = 0.775%.
  • Term Loan interest: base rate + 0.00%–0.60% or daily/term SOFR + 0.80%–1.60%. Current SOFR margin = 0.85%.
  • Facility fee on Revolver commitments: 0.125%–0.300%; currently 0.15%.
  • No SOFR credit adjustment; prepayments allowed without premium or penalty.
• Covenants and protections: customary affirmative/negative covenants, events of default (including certain cross‑defaults), and financial maintenance covenants such as maximum consolidated leverage, minimum fixed‑charge coverage, ratios for unsecured debt to unencumbered assets, and secured debt to implied capitalization.

Why It Matters

• The agreement secures multi‑year liquidity (a $600M revolver and $250M term loan) and refinances existing term debt, preserving borrowing capacity for working capital and new investments. That can support operations and potential new investments without immediate equity issuance.
• At the same time, the facility includes routine covenants and maintenance tests that could limit certain actions (additional debt, liens, investments, asset sales, or transactions with affiliates) if tests are not met. Investors should note the interest‑only structure (principal due at maturity) and the available extension mechanics and fees.