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IRET boosts unsecured credit facility to $395M

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IRET boosts unsecured credit facility to $395M

Investors Real Estate Trust increased its primary unsecured credit facility to $395 million from $370 million, extended the maturity of its revolver and existing term loan, and added a new $75 million seven-year term loan.

The amended facility includes a $250 million revolving line of credit and two term loans worth $145 million in aggregate, comprising the new term loan and an existing $70 million term loan. The facility can be increased by up to $200 million through an accordion facility.

The multifamily real estate investment trust extended the maturities of the revolver and existing term loan to August 2022 and January 2024, respectively.

The new term loan is due in August 2025 and bears interest at 175 basis points over the London Interbank Offered Rate, depending on the company's overall leverage.