ELS Earns Extension on $380M Line of Credit
Equity LifeStyle Properties Inc. has negotiated a one-year extension on its $380 million unsecured line of credit with certain lenders and lowered the interest rate it pays on these borrowings.
The Chicago-based real estate investment trust (REIT) announced the details of its renegotiations in an 8-K filing with the Securities and Exchange Commisison (SEC) on Thursday (July 26). The SEC filing follows.
On July 20, 2012, Equity LifeStyle Properties, Inc. (the “Company”) entered into a Third Amendment to the Amended and Restated Credit Agreement (the “Credit Agreement”) and Guarantor Acknowledgement on its unsecured line of credit. Prior to the extension, the Company had an unsecured line of credit with a September 15, 2015 maturity, an eight-month extension option, a maximum borrowing capacity of $380 million, bearing interest at a per annum rate of LIBOR plus a maximum of 1.65% to 2.50% per annum and a 0.30% to 0.40% facility fee. The amendment extended the maturity of the line of credit to September 15, 2016, lengthened the extension option to one-year, decreased the per annum interest rate to LIBOR plus a maximum of 1.40% to 2.00%, bears a facility rate of 0.25% to 0.40% and effected certain other ministerial changes. The Company incurred commitment and arrangement fees of approximately $1.3 million in connection with the extension of the line of credit.
The Credit Agreement and Guarantor Acknowledgement are attached as exhibits hereto and are incorporated herein by reference in their entirety.