Apartment Investment amends for new $350 million term loan facility

By Rebecca Melvin

New York, April 22 – Apartment Investment and Management Co., Aimco Properties LP and Aimco/Bethesda Holdings Inc. have amended their senior secured credit agreement to provide for a new $350 million term loan, according to an 8-K filed with the Securities and Exchange Commission.

The new term loan entered into with KeyBank NA as administrative agent, swingline lender and letter of credit issuer, was funded on April 20. The overall agreement continues to provide an existing $800 million revolving loan facility under the credit agreement of June 30, 2017.

The new term loan matures on April 20, 2021 and may be extended by one year, subject to customary conditions. The revolver commitments will expire on Jan. 22, 2022. Aimco used about $300 million of the term loan proceeds to paydown the outstanding balance on the revolving loan facility.

Interest on the new loan is currently Libor plus 185 basis points, which is the same as the overall credit agreement.

Joint lead arrangers for the term loan facility are KeyBanc Capital Markets, PNC Capital Markets LLC, Regions Capital Markets, Zions Bancorporation, NA (dba Zions First National Bank) and Bank of the West.

The Denver-based real estate investment trust is focused on ownership and management of quality apartment communities.

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