Apartment Investment and Management Company Increases Revolving Credit Facility to $300M

Apartment Investment and Management Company AIV announced today the amendment of its revolving credit facility. Amendments include: --an increase in capacity from $180 million to $300 million, --an extension of the maturity date from May 2012, inclusive of a one-year extension option, to May 2014, also inclusive of a one-year extension option, and --a decrease in the LIBOR floor on the facility's floating interest rate from 2.00% to 1.50%, which at current LIBOR pricing effectively reduces the interest rate under the facility by 0.50%. Bank of America and Key Bank continue to co-lead the facility, Wells Fargo serves as the documentation agent, and five other large institutional banks have joined the facility.