From Earlier: Post Properties Announces Refinancing of $330M Unsecured Revolving Lines of Credit and New $300M Unsecured Bank Term Loan Facility

Post Properties, Inc.

, an Atlanta-based real estate investment trust, announced that its operating partnership, Post Apartment Homes, L.P., amended its $300 million unsecured syndicated revolving line of credit facility and its $30 million unsecured cash management line of credit facility. The Operating Partnership also entered into a new $300 million unsecured bank term loan facility, under which it currently has $100 million of outstanding borrowings, with $200 million of additional borrowing availability through July 17, 2012. The amended credit facility, provided by a syndicate of eleven financial institutions and arranged by Wells Fargo Securities, LLC and J.P. Morgan Securities LLC, provides for a $300 million unsecured revolving line of credit which has an initial four-year term maturing in January 2016, with a one-year extension option. The new credit facility amends the Operating Partnership's existing $300 million unsecured revolving credit facility. The amended credit facility has a current stated interest rate of the London Interbank Offered Rate (LIBOR) plus 1.40% and requires the payment of annual facility fees currently equal to 0.30% of the aggregate loan commitments. The credit facility provides for the interest rate and facility fee rate to be adjusted up or down based on changes in the credit ratings of the Operating Partnership's senior unsecured debt. The credit facility contains representations, financial and other affirmative and negative covenants, events of defaults and remedies typical for this type of facility. The amended unsecured cash management line of credit facility with Wells Fargo Bank, N.A., provides for a $30 million unsecured line of credit which has an initial four-year term maturing in January 2016, with a one-year extension option. The new credit agreement amends the Operating Partnership's existing $30 million unsecured revolving cash management line. The cash management line carries pricing and terms, including financial covenants, substantially consistent with those of the amended syndicated credit facility described above.