Aimco closes $600 million four-year revolver at Libor plus 187.5 bps

By Susanna Moon

Chicago, Oct. 1 - Apartment Investment and Management Co. (Aimco) said it refinanced its loans with a $600 million four-year revolving credit facility.

Pricing was reduced to Libor plus 187.5 basis points from Libor plus 250 bps, according to a company press release.

The unused fee will be 25 bps unless the percentage is more than 50%, in which case it will be cut to 20 bps. That compares with 35 bps and 25 bps, respectively.

The facility also has two one-year extension options.

The debt service coverage covenant remains unchanged at 1.5 times, and the fixed charge coverage covenant is initially 1.3 times.

In the first quarter of 2015, however, the fixed charge coverage covenant increases to 1.4 times.

KeyBanc Capital Markets, a division of KeyCorp, and Wells Fargo Securities are the joint lead arrangers and book managers. Bank of America, NA, Regions Bank, Citibank, NA and PNC Bank, NA are the co-documentation agents.

The facility replaces the company's $500 million facility set to expire December 2014 with a one-year extension option.

Aimco is a Denver-based real estate investment trust focused on the ownership and management of apartment communities.

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