Independence Realty lifts revolver loan commitments to $172.5 million

By Susanna Moon

Chicago, Dec. 22 – Independence Realty Trust, Inc.’s operating partnership Independence Realty Operating Partnership, LP increased lender commitments under its revolver by $47.5 million to $172.5 million.

The company amended its credit agreement Wednesday with KeyBanc Capital Markets LLC and Huntington National Bank as joint lead arrangers and book managers, according to an 8-K filing with the Securities and Exchange Commission.

KeyBank NA is administrative agent; Huntington National Bank is the syndication agent; and Capital One, NA is the documentation agent.

The credit agreement covers a revolving line of credit and a term loan. At closing, $10 million was outstanding under the revolver. For the term loan, the company paid down $60 million using some proceeds from a stock offering for $140 million of term loans outstanding as of Wednesday.

The agreement contains an accordion to increase commitments to $450 million and after the revolver increase, the amount remaining on the accordion is $137.5 million. The original accordion was $125 million and the $12.5 million increase was the result of the amount paid down under the term loan, partially offset by the revolver increase, the filing noted.

Independence Realty is a Philadelphia-based real estate investment trust that owns apartment properties.

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