On Feb. 16, student housing developer Education Realty Trust Inc.'s operating partnership amended a credit agreement dated Nov. 19, 2014, governing its revolving credit facility, and a credit agreement dated Jan. 18, 2017, governing its term loan facility.
The revolving facility terms were revised to increase the size of the facility to $600 million from $500 million; increase the sublimit for letters of credit to $100 million from $75 million; increase the sublimit for swingline loans to $60 million from $50 million; and extend the facility's maturity to Feb. 16, 2023, from Nov. 19, 2018; among other things.
The term loan facility agreement was amended to, among other things, reflect the changes made to the revolving facility's financial covenants.
Education Realty Operating Partnership LP amended the revolving facility agreement along with KeyBank NA, as administrative agent, as well as KeyBanc Capital Markets, PNC Capital Markets LLC, RBC Capital Markets, Regions Capital Markets, Merrill Lynch Pierce Fenner & Smith Inc., JPMorgan Chase Bank NA, as joint book runners and joint lead arrangers. PNC Bank NA acted as syndication agent, while Regions Bank, Royal Bank of Canada, Bank of America NA and JPMorgan Chase Bank NA acted as documentation agents.
Education Realty Trust was the term loan facility guarantor, while PNC Bank NA, Regions Bank and KeyBank NA were the lenders. PNC Bank NA was the administrative agent.