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Home Properties Inc. has entered into amendment and restatement of its unsecured line of credit agreement, increasing the amount of the revolving line to $450 million from $275 million.
The maturity date of the line was extended from Dec. 8, 2015, to Aug.18, 2017, and may be extended at the company’s option for an additional one-year period. In addition, the existing $250 million term loan has been extended until Aug.18, 2018, from Dec. 8, 2016.
“There was a very high level of interest in participating in the increased credit facility,” said David Gardner, Home Properties executive vice president and chief financial officer, in a statement. “The additional liquidity enhances our financial flexibility and ability to use unsecured rather than secured debt for business needs, further strengthening the company’s credit profile.”
Rates, terms and conditions for the credit facility remain the same as in the prior agreement.
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