Apt Inv & Mgt Co. Amends Revolving Credit Facility ; Increases Capacity from $180M to $300M

Apartment Investment and Management Co. (AIV) announced today three amendments to its revolving credit facility.

Amendments include : an increase in capacity from $180 million to $300 million ; an extension of the maturity date from May 2012, inclusive of a one-year extension option, to May 2014, also inclusive of a one-year extension option, and a decrease in the LIBOR floor on the facility’s floating interest rate from 2.00% to 1.50%, which at current LIBOR pricing effectively reduces the interest rate under the facility by 0.50%.

Bank of America (BAC) and Key Bank continue to co-lead the facility, Wells Fargo (WFC) serves as the documentation agent, and five other large institutional banks have joined the facility.

Shares of $2.5 billion market cap AIV fell 4 cents, or 0.19 percent, to $21.28 in midday trading.

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About Ron Haruni 1068 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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