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News May 01, 2017

Shearman & Sterling Advises on $300 Million Senior Unsecured Credit Facility for Affiliates of Independence Realty Trust, Inc.

Shearman & Sterling represented KeyBank National Association, as administrative agent, in connection with $300 million in senior unsecured credit facilities for affiliates of Independence Realty Trust, Inc. (IRT). The credit facilities consist of a $50 million term loan and a $250 million revolving credit facility.  Proceeds of the facilities were used to refinance an existing senior secured facility. The credit agreement for the facilities contains an accordion feature allowing for possible future additional borrowings of up to $200 million, which would expand the maximum available facility amount to $500 million.

IRT is a publicly traded, internally managed real estate investment trust that specializes in multi-family apartment buildings.  The facilities were arranged by Citigroup Global Markets Inc., KeyBanc Capital Markets and The Huntington National Bank.  Bank of America, N.A., Capital One National Association, Citizens Bank, N.A., Comerica Bank and Regions Bank acted as Co-Documentation Agents.  Other participating lenders included PNC Bank, National Association and Associated Bank, N.A.

The Shearman & Sterling team included partner Malcolm Montgomery; special associate Elizabeth Martialay; and associate Horton McKinney (all New York-Real Estate).