ELS Secures $380M Line of Credit
Equity LifeStyle Properties Inc. (ELS) announced that it has entered into an Amended and Restated Credit Agreement. The $380 million unsecured revolving facility increases borrowing capacity from $100 million under the current line of credit, according to a news release.
The $100 million line of credit was set to mature on June 29. The $380M LOC accrues interest at LIBOR plus 1.65% to 2.50% per annum and contains a 0.30% to 0.40% facility fee. The spread over LIBOR and the facility fee pricing are variable based on leverage throughout the loan term. The $380M LOC matures on Sept. 18, 2015, and has an eight-month extension option.
ELS owns or has an interest in 307 properties in 27 states and British Columbia consisting of 111,007 sites. The company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.