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Equity Residential Upsizes Credit Facility to $2.5B
Equity Residential’s operating partnership has entered into a $2.5-billion revolving credit facility, replacing its existing $2-billion credit agreement. The new facility matures on Nov. 1, 2024, and can be extended or increased.
A total of 22 lenders participated in the operating partnership’s new revolving credit facility, including BofA Securities, JPMorgan Chase Bank, N.A. and Wells Fargo Securities 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 million to $1 billion. “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, the REIT’s EVP and CFO.
Pictured: Equity Residential headquarters in Chicago.
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- ◦Financing
