Independence Realty Trust Announces New $40 Million Senior Term Loan Facility
June 27 2016 - 7:00AM
Business Wire
Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today
announced that it has entered into a new $40 million senior term
loan facility administered by KeyBank which matures in September of
2018. IRT used this facility to repay the existing interim term
loan balance of $33.5 million. The remaining availability on the
new facility will be used for general working capital purposes. The
new facility bears interest at LIBOR plus 400 bps, a reduction of
100 bps from the previous interim term loan facility.
Scott Schaeffer, IRT’s Chairman and Chief Executive Officer,
commented, “This new term financing with KeyBank successfully
concludes our plan of retiring the $120 million interim term loan
used to fund a portion of the Trade Street acquisition and enhances
our debt maturity profile.”
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate
investment trust that seeks to own well-located apartment
properties in geographic submarkets that it believes support strong
occupancy and the potential for growth in rental rates. IRT seeks
to provide stockholders with attractive risk-adjusted returns, with
an emphasis on distributions and capital appreciation. IRT is
advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE:
RAS).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160627005664/en/
Independence Realty Trust, Inc. ContactAndres Viroslav,
215-207-2100aviroslav@irtreit.com
Independence Realty (NYSE:IRT)
Historical Stock Chart
From Sep 2024 to Oct 2024
Independence Realty (NYSE:IRT)
Historical Stock Chart
From Oct 2023 to Oct 2024