Equity LifeStyle amends facility to extend maturity, cut interest

By Jennifer Chiou

New York, July 26 - Equity LifeStyle Properties, Inc. entered into on July 20 an amendment and restatement of its credit agreement, extending the maturity of its unsecured line of credit by one year to Sept. 15, 2016, according to an 8-K filing with the Securities and Exchange Commission.

Interest is now at Libor plus 140 basis points to 200 bps, based on the company's ratio of total debt to total asset value, modified from a spread of 165 bps to 250 bps. Initial pricing is Libor plus 145 bps.

The facility fee was also cut to a range of 25 bps to 40 bps from 30 bps to 40 bps.

Equity LifeStyle added that there is now a one-year extension option instead of the previous eight-month extension option.

The filing said that the company incurred commitment and arrangement fees of roughly $1.3 million in connection with the extension of the line of credit.

Wells Fargo Bank, NA acted as administrative agent.

Equity LifeStyle Properties is a real estate investment trust with headquarters in Chicago.

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