Associated Estates extends term loan commitments, lifts by $25 million

By Susanna Moon

Chicago, Oct. 24 - Associated Estates Realty Corp. boosted its loan commitment by $25 million to $150 million and drew the full amount at an initial rate of Libor plus 160 basis points.

The term loan is now due Jan. 3, 2018, extended from June 2, 2016.

The company amended the term loan agreement last Friday with PNC Capital Markets LLC as lead arranger and PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans ranges from Libor plus 160 bps to 235 bps. With investment-grade ratings, the spread will be Libor plus 125 bps to 220 bps.

Wells Fargo Bank, NA is the syndication agent, and U.S. Bank, NA and Bank of America, NA is the documentation agent. The other participating banks are Raymond James Bank, NA, RBS Citizens, NA and Citibank, NA.

Associated Estates Realty is a Richmond Heights, Ohio-based real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.