ROCHESTER, N.Y., Aug. 22, 2013 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) today announced that on August 19, 2013 it entered into an amendment to its December 9, 2011 amended and restated unsecured line of credit agreement, increasing the amount of the revolving line to $450 million from $275 million. The maturity date of the line was extended from December 8, 2015 to August 18, 2017, and may be extended at the Company's option for an additional one-year period. The existing $250 million term loan has been extended until August 18, 2018 from December 8, 2016.
"There was a very high level of interest in participating in the increased credit facility," said
David P. Gardner, Home Properties Executive Vice President and Chief Financial Officer. "We were very pleased that all the participants in the original line raised the amount of their commitment. The additional liquidity enhances our financial flexibility and ability to use unsecured, rather than secured, debt for business needs, further strengthening the Company's credit profile."
Rates, terms and conditions for the credit facility remain the same as in the prior agreement. Borrowing rates under the credit facility float at a margin over LIBOR plus a facility fee, both of which are priced off a grid that is tied to the Company's overall leverage ratio. Based on the Company's current leverage ratio, the LIBOR margin is 1.15% and the annual facility fee is 0.175%.
Manufacturers and Traders Trust Company and U.S. Bank National Association are the Joint Lead Arrangers and Joint Bookrunners. Manufacturers and Traders Trust Company will continue to act as Administrative Agent. There are nine additional lenders: RBS Citizens, N.A.; Bank of America, N.A.; Capital One, N.A.; PNC Bank, National Association; JPMorgan Chase Bank, N.A.; Royal Bank of Canada; Wells Fargo Bank, National Association; Branch Banking and Trust Company and First Niagara Bank, N.A.
This press release contains forward-looking statements. Although the Company believes expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that may cause actual results to differ include general economic and local real estate conditions, the weather and other conditions that might affect operating expenses, the timely completion of repositioning and new development activities within anticipated budgets, the actual pace of future acquisitions and dispositions, and continued access to capital to fund growth.
Home Properties is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in selected Northeast and Mid-Atlantic markets. An S & P 400 Company, Home Properties owns and operates 118 communities containing 41,967 apartment units. For more information, visit Home Properties' website at www.homeproperties.com.
SOURCE Home Properties, Inc.
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