Aimco enters into new $150 million revolving credit facility

By Cady Vishniac

Detroit, Dec. 16 – Apartment Investment and Management Co. (Aimco), Aimco OP LP and certain subsidiaries entered into a new $150 million revolver on Dec. 16 with PNC Bank, NA as the administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The loan includes $20 million swingline and $30 million letter of credit sub-facilities, as well as the ability to request incremental commitments under the revolver in aggregate amounts of up to $300 million.

The loan matures on Dec. 16, 2023 but can be extended for two additional 12-month periods.

Proceeds under the revolver can only be used for working capital, general corporate purposes, including permitted investments, refinancing of indebtedness and certain other uses permitted by the agreement.

Revolving loans will bear interest at Libor plus 200 basis points. Swingline loans will bear interest at the one-month Libor plus 100 bps.

Borrowers under the letters of credit sub-facility are required to pay the administrative agent a fee for the ratable account of the lenders equal to Libor plus 200 bps times the daily amount available under each letter of credit and to pay the issuing lender a one-time fee of 12.5 basis points times the face amount of each letter of credit.

Borrowers will also pay a commitment fee equal to revolver usage times 25 bps per year if the usage is less than or equal to 50% of the aggregate commitments, or 20 bps per year if the usage is greater than 50% of the aggregate commitments.

PNC Bank is the swingline loan lender, and letter of credit issuing lender on the loan. PNC Capital Markets LLC, Bank of the West and JPMorgan Chase Bank, NA are the joint lead arrangers and joint bookrunners.

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

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