Equity Residential entered into a $2.5 billion multi-currency revolving credit facility, replacing its existing $2 billion credit agreement.

The new facility matures on November 1, 2024, and can be extended or increased, subject to lender consent and customary conditions. The interest rate and facility fees are based on the operating partnership’s long-term unsecured credit ratings.

A total of 22 lenders (and in certain cases their affiliates) participated in the operating partnership’s $2.5 billion revolving credit facility, including Bank of America Securities, JPMorgan Chase Bank, and Wells Fargo Securities as joint bookrunners and joint lead arrangers. Barclays Bank, Citibank, Deutsche Bank Securities, Morgan Stanley Bank, Royal Bank of Canada, and U.S. Bank acted as Joint lead arrangers and co-syndication agents. According to a related 8-K filing, Bank of America served as administrative agent.

In addition, the operating partnership increased the maximum size for its unsecured commercial paper note program from $500 million to $1 billion.

“These steps further enhance Equity Residential’s outstanding balance sheet, liquidity and financial flexibility to support our business objectives and growth for many years to come,” said Robert A. Garechana, Equity Residential’s executive vice president and chief financial officer.

Equity Residential is focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban communities.