Equity Residential Announces $2.5 Billion Revolving Credit Facility and Increase to its Commercial Paper Program
November 04 2019 - 3:18PM
Business Wire
Equity Residential (NYSE: EQR) today announced its operating
partnership has entered into a $2.5 billion multi-currency
revolving credit facility, replacing its existing $2.0 billion
credit agreement. The new facility matures on November 1, 2024, and
can be extended or increased, subject to lender consent and
customary conditions. The interest rate and facility fees are based
on the operating partnership’s long-term unsecured credit
ratings.
A total of 22 lenders (and in certain cases their affiliates)
participated in the operating partnership’s $2.5 billion revolving
credit facility, including BofA Securities, Inc., JPMorgan Chase
Bank, N.A. and Wells Fargo Securities, LLC, as Joint Bookrunners
and Joint Lead Arrangers. Barclays Bank PLC, Citibank, N.A.,
Deutsche Bank Securities, Inc., Morgan Stanley Bank, N.A., Royal
Bank of Canada, and U.S. Bank National Association acted as Joint
Lead Arrangers and Co-Syndication Agents.
In addition, the operating partnership increased the maximum
size for its unsecured commercial paper note program from $500.0
million to $1.0 billion. The notes will be sold under customary
terms in the United States commercial paper note market and will
rank pari passu with all of the other unsecured senior indebtedness
of the operating partnership.
“These steps further enhance Equity Residential’s outstanding
balance sheet, liquidity and financial flexibility to support our
business objectives and growth for many years to come,” said Robert
A. Garechana, Equity Residential’s Executive Vice President and
Chief Financial Officer.
The notes to be offered under the commercial paper program have
not been and will not be registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy the notes
under the commercial paper program.
About Equity Residential
Equity Residential is committed to creating communities where
people thrive. The Company, a member of the S&P 500, is focused
on the acquisition, development and management of rental apartment
properties located in urban and high-density suburban communities
where today’s renters want to live, work and play. Equity
Residential owns or has investments in 308 properties consisting of
80,299 apartment units, primarily located in Boston, New York,
Washington, D.C., Seattle, San Francisco, Southern California and
Denver. For more information on Equity Residential, please visit
our website at www.equityapartments.com.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements and information within the
meaning of the federal securities laws. These statements are based
on current expectations, estimates, projections and assumptions
made by management. While Equity Residential’s management believes
the assumptions underlying its forward-looking statements are
reasonable, such information is inherently subject to uncertainties
and may involve certain risks, including, without limitation,
changes in general market conditions, including the rate of job
growth and cost of labor and construction material, the level of
new multifamily construction and development, competition and local
government regulation. Other risks and uncertainties are described
under the heading “Risk Factors” in our Annual Report on Form 10-K
and subsequent periodic reports filed with the Securities and
Exchange Commission (SEC) and available on our website,
www.equityapartments.com. Many of
these uncertainties and risks are difficult to predict and beyond
management’s control. Forward-looking statements are not guarantees
of future performance, results or events. Equity Residential
assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
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version on businesswire.com: https://www.businesswire.com/news/home/20191104005993/en/
CONTACT: Marty McKenna (312) 928-1901
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