Industrial Logistics Properties Stock Jumps 26% On New $1.16 Bln Mortgage Financing

(RTTNews) - Industrial Logistics Properties Trust (ILPT) shares surged 25.66 percent, or $0.8750, to $4.2850 on Monday after the company announced it has priced $1.16 billion of five-year, interest-only fixed rate mortgage financing.

The stock opened at $3.5300 and has traded between $3.5000 and $4.3150 so far on the Nasdaq. Volume stands at 1.16 million shares, well above the average of 377,436. ILPT's 52-week range is $2.4500 to $5.4500.

The loan is secured by 101 industrial properties across the U.S. mainland and Hawaii. Proceeds, along with $75 million of cash on hand, will repay $1.235 billion of floating rate mortgage debt due October 2025. The move is expected to lower ILPT's interest expense and lock in a 6.399 percent fixed rate.