Equity LifeStyle Properties increases line of credit to US$380M from US$100M
CHICAGO , May 19, 2011 (press release) – Equity LifeStyle Properties, Inc. (NYSE:ELS) today announced that it has entered into an Amended and Restated Credit Agreement. The $380 million unsecured revolving facility (“$380M LOC”) increases borrowing capacity from $100 million under the current line of credit. The $100 million line of credit was set to mature on June 29, 2011. The $380M LOC accrues interest at LIBOR plus 1.65% to 2.50% per annum and contains a 0.30% to 0.40% facility fee. The spread over LIBOR and the facility fee pricing are variable based on leverage throughout the loan term. The $380M LOC matures on September 18, 2015 and has an eight-month extension option.
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