AMLI Residential Announces Modifications to Unsecured Credit Facilities
July 26 2005 - 1:32PM
PR Newswire (US)
AMLI Residential Announces Modifications to Unsecured Credit
Facilities CHICAGO, July 26 /PRNewswire-FirstCall/ -- AMLI
Residential Properties Trust (NYSE:AML) today announces
modifications to its three unsecured bank credit facilities. AMLI
has amended the terms of its primary and secondary unsecured bank
revolving lines of credit to increase the commitment amounts to
$250 million and $20 million, respectively; extend the maturity
dates for new three-year terms (with one-year extension options)
and modify the pricing structures and certain covenants. The bank
group providing the primary line of credit includes JPMorgan Chase
Bank, as Co-lead Arranger and Administrative Agent; Key Bank, as
Co-lead Arranger and Syndication Agent, Harris Bank, PNC Bank and
Commerzbank AG as Co-Documentation Agents; as well as Wells Fargo
Bank, Wachovia Bank, and Comerica Bank. The secondary line of
credit is provided by Harris Bank. Both lines of credit are
available to fund acquisition and development activities, as well
as for general working capital purposes. Additionally, AMLI
modified the pricing structure and certain covenants on its $110
million unsecured bank term loan, which was provided in 2004 by
Wells Fargo Bank, as Lead Arranger and Agent, PNC Bank, Commerzbank
AG and Comerica Bank, to align the terms with those of the other
two credit facilities. "The new pricing structures provide for loan
spreads based on the better of a leverage or rating grid, which
AMLI expects to reduce the overall pricing of our credit
facilities," stated Andrew J. Bruce, AMLI Vice President of Capital
Markets. "We value the relationships we have built with our bank
group, and we appreciate their cooperation and support in extending
the maturity dates a year before their current maturities and
otherwise modifying the terms of the loan documents for AMLI's
benefit." The AMLI(R) portfolio currently includes 74 apartment
communities containing 28,136 apartment homes, with an additional
1,047 apartment homes under development or in lease-up in four
locations. AMLI is focused on the development, acquisition and
management of institutional quality multifamily communities in the
Southeast, Southwest, Midwest and Mountain regions of the U.S. AMLI
Residential also serves as institutional advisor and asset manager
for large pension funds, tax-exempt foundations and other financial
institutions through AMLI's co-investment business. AMLI employs
approximately 850 people who are dedicated to achieving AMLI's
mission -- Provide An Outstanding Living Environment For Our
Residents. More information on AMLI is available at
http://www.amli.com/ . DATASOURCE: AMLI Residential Properties
Trust CONTACT: Andrew J. Bruce, Vice President, Capital Markets,
+1-972-265-6724, or Robert J. Chapman, Chief Financial Officer,
+1-312-984-6845, both of AMLI Residential Properties Trust Web
site: http://www.amli.com/
Copyright
Amli Resident (NYSE:AML)
Historical Stock Chart
From May 2024 to Jun 2024
Amli Resident (NYSE:AML)
Historical Stock Chart
From Jun 2023 to Jun 2024