Aimco Announces Closing of $600 Million Credit Facility
December 22 2016 - 04:15PM
Business Wire
Apartment Investment and Management Company (“Aimco”) (NYSE:
AIV) announced today the closing of a $600 million revolving credit
facility maturing in January 2022. Borrowings made under the new
credit facility will bear interest, at LIBOR plus 1.20%, a 68 basis
point reduction from the spread on the existing credit
facility.
The new facility also provides for an uncommitted incremental
facility that permits Aimco, subject to customary conditions, to
increase the capacity of the new facility by up to $200 million in
the aggregate.
KeyBanc Capital Markets, a division of KeyCorp, Wells Fargo
Securities and PNC Capital Markets LLC are Joint Lead Arrangers and
Joint Book Managers with respect to the new facility and nine other
large institutional banks participate in the new facility.
“We were very pleased with the high level of interest in the new
credit facility,” said Paul Beldin, Executive Vice President and
Chief Financial Officer. “The new facility provides Aimco with more
favorable pricing and an extended maturity date. Aimco uses its
revolving credit facility to meet short term working capital
requirements and to secure corporate letters of credit.”
About Aimco
Aimco is a real estate investment trust that is focused on the
ownership and management of quality apartment communities located
in the largest markets in the United States. Aimco is one of the
country's largest owners and operators of apartments, with 193
communities in 22 states, and the District of Columbia. Aimco
common shares are traded on the New York Stock Exchange under the
ticker symbol AIV, and are included in the S&P 500. For more
information about Aimco, please visit our website at www.aimco.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161222005768/en/
AimcoLynn Stanfield, 303-793-4661Senior Vice President -
FinanceorInvestor RelationsInvestor@aimco.com
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