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KeyBank Agents $200MM Term Loan with Independence Realty Trust

May 19, 2021, 07:10 AM
Filed Under: Real Estate

Independence Realty Trust announced that its operating partnership, Independence Realty Operating Partnership, LP, closed on a new 5-year $200 million term loan. KeyBank was the Administrative Agent and KeyBanc Capital Markets, Capital One and Regions Capital Markets were Joint Lead Arrangers. Proceeds from the term loan will be used to repay amounts outstanding on IRT’s unsecured revolving credit facility.

The 5-year term loan will mature in May 2026 and bear interest at LIBOR plus 1.20% to 1.90% based on IRT’s leverage ratio. At closing, the interest rate spread will be 1.25%.

“Our new term loan strengthens our capital structure by effectively extending $200 million in debt maturities to May 2026 and freeing up liquidity on our unsecured revolving credit facility,” said James J. Sebra, IRT’s Chief Financial Officer. “I thank our lenders for their continued partnership and commitment to IRT. We have increased our financial flexibility to support our ongoing operational and investment strategies to drive growth across the portfolio.”

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