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BofA Agents $2.5B Revolver for Equity Residential

November 5, 2019

Equity Residential entered into a $2.5 billion multi-currency revolving credit facility, replacing its existing $2 billion credit agreement.

The new facility matures on November 1, 2024, and can be extended or increased, subject to lender consent and customary conditions. The interest rate and facility fees are based on the operating partnership’s long-term unsecured credit ratings.

A total of 22 lenders (and in certain cases their affiliates) participated in the operating partnership’s $2.5 billion revolving credit facility, including Bank of America Securities, JPMorgan Chase Bank, and Wells Fargo Securities as joint bookrunners and joint lead arrangers. Barclays Bank, Citibank, Deutsche Bank Securities, Morgan Stanley Bank, Royal Bank of Canada, and U.S. Bank acted as Joint lead arrangers and co-syndication agents. According to a related 8-K filing, Bank of America served as administrative agent.

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