PHOENIX—American Residential Properties, Inc. has amended the credit agreement governing its senior secured revolving credit facility, to, among other things, increase the maximum borrowing amount from $380 million to $500 million. In addition, the amendment agreed to by the lenders increased the size of the accordion feature to a maximum borrowing amount of $750 million. The accordion feature is subject to meeting certain criteria and obtaining additional commitments from lenders Bank of America, N.A., Deutsche Bank AG, New York Branch, Citibank N.A., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., KeyBank National Association, Barclays Bank PLC, Raymond James Bank, N.A. and Comerica Bank.
“This is the third time we have expanded the borrowing capacity of our credit facility since our initial public offering just over a year ago,” says Stephen G. Schmitz, chairman and CEO of American Residential Properties, Inc. “This is a testament to the confidence of our lending group in our progress, strategy and growth prospects. We are delighted to continue to add top-tier banks to our lending group and to have access to additional debt financing, particularly given the attractive borrowing costs in today’s low interest rate environment. As previously announced, we are working on a securitization to further enhance our financing flexibility.”