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Apartment Investment and Management Company Amends Revolving Credit Facility

^{Published on 2010-09-30 10:50:18 - Market Wire}
 

DENVER--([ BUSINESS WIRE ])--Apartment Investment and Management Company (aAimcoa) (NYSE:AIV) announced today the amendment of its revolving credit facility. Amendments include:

• an increase in capacity from $180 million to $300 million,
• an extension of the maturity date from May 2012, inclusive of a one-year extension option, to May 2014, also inclusive of a one-year extension option, and
• a decrease in the LIBOR floor on the facilitya™s floating interest rate from 2.00% to 1.50%, which at current LIBOR pricing effectively reduces the interest rate under the facility by 0.50%.

Bank of America and Key Bank continue to co-lead the facility, Wells Fargo serves as the documentation agent, and five other large institutional banks have joined the facility.

Chief Financial Officer, Ernie Freedman, comments, aAimcoa™s amended credit facility provides the company with added flexibility and an extended maturity date. We are pleased to continue the strong relationship we have with our existing line partners and to have the opportunity to include new participants in the facility. The size of the facility suits our needs well, which are to secure corporate letters of credit and to meet short term working capital requirements.a

The Debt Service Coverage and Fixed Charge Coverage covenants remain unchanged at 1.40:1 and 1.20:1, respectively, through the fourth quarter of 2011. Beginning in the first quarter of 2012, the Debt Service Coverage and Fixed Charge Coverage covenants increase to 1.50:1 and 1.30:1, respectively.

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the 20 largest markets in the United States. Aimco is one of the countrya™s largest owners and operators of both conventional and affordable apartments, with 817 communities serving approximately 500,000 residents in 43 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at [ www.aimco.com ].