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AIV > SEC Filings for AIV > Form 8-K on 1-Oct-2013All Recent SEC Filings

Show all filings for APARTMENT INVESTMENT & MANAGEMENT CO

Form 8-K for APARTMENT INVESTMENT & MANAGEMENT CO


1-Oct-2013

Entry into a Material Definitive Agreement, Creation of a Di


ITEM 1.01. Entry Into a Material Definitive Agreement.

On September 30, 2013, Apartment Investment and Management Company, a Maryland corporation ("Aimco"), AIMCO Properties, L.P., a Delaware limited partnership (the "Aimco Operating Partnership"), and AIMCO/Bethesda Holdings, Inc., a Delaware corporation ("AIMCO/Bethesda," collectively with Aimco and Aimco Operating Partnership, the "Borrowers") entered into a Second Amendment to Credit Agreement and Joinder to Guaranty (the "Second Amendment"), among the Borrowers, the guarantors party thereto, the lenders from time to time party thereto, and KeyBank National Association, as administrative agent (the "Administrative Agent"). The Second Amendment amends the Senior Secured Credit Agreement, dated as of December 13, 2011 (as amended, the "Credit Agreement"), by and among the Borrowers, the guarantors party thereto, the lenders from time to time party thereto, the Administrative Agent and the other financial institutions party thereto.

The Second Amendment amends the Credit Agreement by, among other things: (1) repricing the revolving loans under the Credit Agreement (with interest rates set in accordance with a leverage based pricing grid or, at the Borrowers' election and subject to certain conditions, a credit rating based pricing grid),
(2) modifying certain financial covenants contained in the Credit Agreement, (3) modifying the requirements for inclusion of wholly owned subsidiaries of Aimco as guarantors and (4) increasing revolving commitments under the Credit Agreement by $100,000,000.

After giving effect to the Second Amendment, the Borrowers have $600,000,000 of revolving commitments expiring on September 30, 2017 (or at such later maturity date as may be extended pursuant to the Credit Agreement as amended by the Second Amendment). Borrowings made after the effective date of the Second Amendment will bear interest, at the Borrowers' option, at (a) a base rate (defined as the greatest of (x) the federal funds rate plus of 1%, (y) KeyBank National Association's prime rate and (z) one month LIBOR plus 1.25%) plus an applicable margin, which is initially 0.50% or (b) LIBOR plus an applicable margin, which is initially 1.875%. The applicable margins are subject to adjustment (1) according to the Borrowers' Leverage Ratio (as such term is defined in the Credit Agreement as amended by the Second Amendment), as specified in the Credit Agreement as amended by the Second Amendment or (2) at the Borrowers' election, subject to certain conditions, according to the Borrowers' Credit Rating Level (as such term is defined in the Credit Agreement as amended by the Second Amendment), as specified in the Credit Agreement as amended by the Second Amendment.

The description of the Second Amendment above does not purport to be complete and is qualified in its entirety by reference to the Second Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.



ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03, insofar as it relates to the creation of a direct financial obligation.



ITEM 8.01 Other Events.

On September 30, 2013, Aimco issued a press release in connection with the entering into of the Second Amendment. A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by this reference.



ITEM 9.01. Financial Statements and Exhibits.

The following exhibits are filed with this report:

Exhibit Number Description
10.1 Second Amendment to Credit Agreement and Joinder to Guaranty, dated as of September 30, 2013, among Apartment Investment and Management Company, AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., the guarantors party thereto, the lenders party thereto and KeyBank National Association, as administrative agent.
99.1 Press Release, dated September 30, 2013, issued by Apartment Investment and Management Company.


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