Aimco reduces revolver commitments to $600 million, adds new borrowers

By Marisa Wong

Los Angeles, Dec. 23 – Apartment Income REIT Corp. and Aimco Properties, LP amended and restated their existing credit agreement with KeyBank, NA as administrative agent to reduce the aggregate commitments under the existing revolver to $600 million from $800 million, according to an 8-K filed Monday with the Securities and Exchange Commission.

The amendment and restatement, dated Dec. 15, reflects the separation of Apartment Income REIT and Apartment Investment and Management Co., which was completed on Dec. 15, and removes Apartment Investment as a borrower and adds Apartment Income REIT, AIR REIT Sub 1, LLC and AIR REIT Sub 2, LLC as borrowers in addition to existing borrowers Aimco Properties and Aimco/Bethesda Holdings, Inc.

The senior credit facilities also include a $350 million term loan.

The maturity date of the revolver remains Jan. 22, 2022, and the initial maturity date of the term loan remains April 20, 2021. The term loan may be extended at the borrowers’ option to April 20, 2022.

Other material terms of the credit facilities, including interest rate margins and the facility fee, remain unchanged, the filing noted.

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

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