Independence Realty Trust Obtains $100 Million Term Loan
November 20 2017 - 4:05PM
Business Wire
Independence Realty Trust, Inc. (“IRT”) (NYSE:IRT), a
multi-family apartment REIT, today announced it entered into a
seven-year, $100 million unsecured term loan agreement (the “Term
Loan”), that will reach maturity in November 2024.
The proceeds will reduce borrowings currently outstanding under
the revolving portion of IRT’s $300 million unsecured credit
facility. The Term Loan bears interest at a spread over LIBOR,
based on IRT’s overall leverage. At closing, the spread to LIBOR
was 165 basis points. To continue IRT’s practice of reducing
exposure to floating interest rates, IRT purchased a collar that
caps LIBOR at 2.00%, subject to a floor on LIBOR of 1.25%, during
the entire seven-year term of the new Term Loan.
“This agreement increases the capacity on our current line of
credit, maintains our flexibility for future growth initiatives,
and extends the maturity an additional 3 years beyond our current
line of credit,” said Scott Schaeffer, IRT’s Chairman and Chief
Executive Officer. “We continue to focus on maintaining a low-risk,
high-quality balance sheet, and thank our lending partners for
their continued support.”
The term loan was led by Keybanc Capital Markets, as
administrative agent, as well as Capital One, National Association
and the Huntington National Bank, as Co-Syndication Agents.
About Independence Realty Trust, Inc.
Independence Realty Trust (NYSE: IRT) is a real estate
investment trust. Upon completion of the previously announced nine
community portfolio acquisition, IRT will own and operate 55
multifamily apartment properties, totaling 15,165 units, across
non-gateway U.S. markets, including Louisville, Memphis, Atlanta
and Raleigh. IRT’s investment strategy is focused on gaining scale
within key amenity rich submarkets that offer good school
districts, high-quality retail and major employment centers. IRT
aims to provide stockholders attractive risk-adjusted returns
through diligent portfolio management, strong operational
performance, and a consistent return of capital through
distributions and capital appreciation.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements can generally
be identified by our use of forward-looking terminology such as
“will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or
other similar words. Because such statements include risks,
uncertainties and contingencies, actual results may differ
materially from the expectations, intentions, beliefs, plans or
predictions of the future expressed or implied by such
forward-looking statements. These forward-looking statements are
based upon the current beliefs and expectations of IRT’s management
and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and generally not within IRT’s control. In
addition, these forward-looking statements are subject to
assumptions with respect to future business strategies and
decisions that are subject to change. These risks, uncertainties
and contingencies include, but are not limited to, those disclosed
in IRT’s filings with the Securities and Exchange Commission. IRT
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, except as may be
required by law.
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Independence Realty Trust, Inc.Edelman Financial
Communications & Capital MarketsTed McHugh and Lauren
Tarola212-277-4322IRT@edelman.com
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