Essex Property Trust Announces Amendment to Revolving Credit Facility ; Amends $425M, Increasing Borrowing Capacity to $500M
Essex Property Trust, Inc. (NYSE: ESS) today announced that it has amended its $425 million unsecured revolving credit facility by increasing the borrowing capacity to $500 million. The amended facility, which matures in December 2015, contains two one-year extension options and an accordion feature that allows the Company to borrow up to $600 million. Based on the Company's current BBB credit rating, the facility carries an interest rate of LIBOR plus 120 basis points and a facility fee of 20 basis points.
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