Equity LifeStyle restates $800 million two-tranche credit agreement

By Wendy Van Sickle

Columbus, Ohio, April 23 – Equity LifeStyle Properties, Inc. amended and restated its credit agreement with Wells Fargo Bank, NA as administrative agent on April 19 to provide for a $500 million unsecured line of credit and a $300 million unsecured term loan, according to an 8-K filing with the Securities and Exchange Commission.

There is a $200 million accordion feature.

The line of credit was extended to April 18, 2025 and has two six-month extension options. It has an interest rate of Libor plus a margin ranging from 125 basis points to 165 bps, and its commitment fee ranges from 20 to 35 bps, based on leverage.

The term loan matures on April 17, 2026 and has an interest rate of Libor plus a margin ranging from 140 bps to 195 bps, based on leverage.

Wells Fargo Securities, LLC and BofA Securities, Inc. are the bookrunners and are lead arrangers along with Regions Bank, Truist Securities, Inc. and U.S. Bank NA. Bank of America, NA is the syndication agent.

Regions Bank, Truist and U.S. Bank are the documentation agents.

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

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