Independence Realty Trust Announces Closing of $200 Million Term Loan
b'Independence Realty Trust, Inc. (NYSE: IRT) (\xe2\x80\x9cIRT\xe2\x80\x9d) today announced that its operating partnership, Independence Realty Operating Partnership, LP, closed on a new 5-year $200 million term loan.
- b'Independence Realty Trust, Inc. (NYSE: IRT) (\xe2\x80\x9cIRT\xe2\x80\x9d) today announced that its operating partnership, Independence Realty Operating Partnership, LP, closed on a new 5-year $200 million term loan.
- Proceeds from the term loan will be used to repay amounts outstanding on IRT\xe2\x80\x99s unsecured revolving credit facility.\nThe 5-year term loan will mature in May 2026 and bear interest at LIBOR plus 1.20% to 1.90% based on IRT\xe2\x80\x99s leverage ratio.
- At closing, the interest rate spread will be 1.25%.\n\xe2\x80\x9cOur 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,\xe2\x80\x9d said James J. Sebra, IRT\xe2\x80\x99s Chief Financial Officer.
- IRT\xe2\x80\x99s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.