Independence Realty repays revolver, prepays and terminates term loan

By Wendy Van Sickle

Columbus, Ohio, Oct. 5 – Independence Realty Trust, Inc. prepaid the full $47.3 million outstanding under its $125 million revolving line of credit and prepaid and terminated its $40 million term loan with proceeds of a $225 million sale of common shares, according to an 8-K filing with the Securities and Exchange Commission.

The term loan was dated June 24 with KeyBanc Capital Markets, Inc. and Huntington National Bank as joint lead arrangers and book managers and KeyBank NA as agent.

The revolver is provided for by a credit agreement dated Sept. 17, 2015, which still has $200 million outstanding under its term loan tranche. The lead arrangers, bookrunners and agent are the same as under the terminated term loan.

The company did not occur any penalties for the prepayments.

Independence Realty is a Philadelphia-based real estate investment trust that owns apartment properties.

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