Home Properties announced last week that its revolving credit line has been extended to $450 million and its $250 million term loan has been extended until August 18, 2018.
“There was a very high level of interest in participating in the increased credit facility,” Home Properties Executive Vice President and CFO David P. Gardner said. ”We were very pleased that all the participants in the original line raised the amount of their commitment. The additional liquidity enhances our financial flexibility and ability to use unsecured, rather than secured, debt for business needs, further strengthening the Company’s credit profile.”
The rates, terms and conditions of the credit facility remain the same as in the previous agreement. Rates under the credit facility float at a margin over LIBOR, in addition to a facility fee. Based on the company’s current leverage ratio, the LIBOR margin is 1.15 percent and the annual facility fee is 0.175 percent.
RBS Citizens, Bank of America, Capital One, PNC Bank, JPMorgan Chase, Royal Bank of Canada, Wells Fargo, First Niagara and Branch Banking and Trust Co. are additional lenders.
Home Properties is an apartment real estate investment trust that owns, operates, develops and acquires apartment communities primarily located in the northeast and mid-Atlantic regions. The company owns and operates 118 communities, comprised of nearly 42,000 apartment units.