American Residential Properties has renewed and amended the credit agreement governing its senior secured revolving credit facility. With the renewal, the facility’s expiration has been extended to May 2017 with two optional six-month extensions.
The amended credit agreement provides for a maximum borrowing capacity of $450 million, composed of a revolving credit facility of $200 million and a term loan facility that permits a single draw term loan of $250 million, which was fully funded at closing. The agreement also provides for an accordion feature to increase the maximum borrowing capacity by $300 million, subject to meeting certain criteria and obtaining additional commitments from lenders.
“We are pleased to report the renewal and extension of our credit facility and appreciate the continued support of our top tier banking group,” said Laurie Hawkes, president and chief operating officer of American Residential Properties.