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September 2, 2009 (FinancialWire) -- Home Properties (NYSE: HME | Quote | Chart | News | PowerRating) said it has entered into a $175 million revolving line of credit agreement beginning September 1 for a two-year term expiring August 31, 2011 with an optional one-year extension.
The new credit facility is an increase of $35 million over the company's maturing borrowing capacity of $140 million.
Based on the company's current corporate credit rating of BBB, the new credit facility interest rate ranges from 2.5% to 3.25% over the one-month LIBOR rate, increasing at higher levels of outstanding indebtedness, with a LIBOR floor of 1.5%.
Home Properties said there are no material changes to the financial covenants from its previous facility with the exception of the maximum loan-to-value ratio on unsecured indebtedness, which is now 50%, down from 60% in the prior agreement.
Rochester, New York-based Home Properties operates 109 communities containing 37,539 apartment units. Of these, 36,389 units in 107 communities are owned directly by the company.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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