PHILADELPHIA, December 14, 2021–(BUSINESS WIRE)–Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today announced that its operating partnership, Independence Realty Operating Partnership, LP, entered into an amended and restated unsecured credit facility. The new facility increases the borrowing capacity under IRT’s existing revolving credit facility from $350 million to $500 million and extends the maturity date of the revolving credit facility from May 2023 to January 2026. Proceeds from the expanded revolving credit facility will be used for general corporate purposes.
The amended and restated unsecured credit facility also consolidates IRT’s three outstanding term loans in the aggregate amount of $500 million. The financial terms of the three term loans were not changed and their respective maturity dates remain as (1) May 2026 for the $200 million term loan originally made in 2021, (2) January 2024 for the $200 million term loan originally made in 2018 and (3) November 2024 for the $100 million term loan originally made in 2017.
Borrowings under the revolving credit facility continue to bear interest at LIBOR plus 1.25% to 2.00% based on IRT’s consolidated leverage ratio. At closing, the interest rate on the revolving credit facility is LIBOR plus 1.25% and on the outstanding term loans is LIBOR plus 1.20%, which each represent an approximate 10 basis point reduction from the existing interest rates.
“This expanded and consolidated unsecured credit facility continues to strengthen our capital structure. We are now well-equipped to support our growing portfolio of approximately 38,000 units across the high-growth U.S. Sunbelt region, which includes the anticipated closing of our merger with Steadfast Apartment REIT later this week,” said James J. Sebra, IRT’s Chief Financial Officer. “Through this credit facility, we have extended our maturities and increased our financial flexibility.”
KeyBank National Association is the Administrative Agent under the unsecured credit facility. KeyBanc Capital Markets, Inc. and Citibank, N.A. are Joint Bookrunners under the unsecured credit facility and KeyBanc Capital Markets, Inc., Citibank, N.A., and The Huntington National Bank are Joint Lead Arrangers. The facilities’ Co-Syndication Agents include Citibank, N.A. and The Huntington National Bank, and the Co-Documentation Agents are Bank of America, N.A., Barclays Bank PLC, BMO Harris Bank N.A., Capital One, National Association, Citizens Bank, N.A., PNC Bank, National Association, Regions Bank, Royal Bank of Canada, and Truist Bank.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return …….
Source: https://finance.yahoo.com/news/independence-realty-trust-announces-expanded-210500433.html
