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| AMLI Residential Announces New $200 Million Unsecured Line of Credit |
CHICAGO, May 19 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces the closing of a $200 million primary unsecured line of credit with a three-year term and a one-year extension option. The new line carries an interest rate of LIBOR plus 100 basis points and provides for an annual facility fee of 20 basis points. The bank group providing the line of credit includes Bank One, NA, as Administrative Agent; Harris Trust and Savings Bank, PNC Bank National Association and Commerzbank AG as Co-Documentation Agents; as well as SouthTrust Bank, Key Bank National Association and Comerica Bank. Banc One Capital Markets, Inc. acted as Lead Arranger and Sole Book Runner. The line of credit, which is rated Baa3 by Moody's Investor Service, is available to fund acquisition and development activities, as well as for general working capital purposes. "This new line of credit reflects a reduction in pricing compared to our previous facility, and the new covenant structure is substantially more accommodating to our operating strategies, particularly our co-investment joint venture business," stated Robert Chapman, CFO. "We appreciate the strong support we received from our existing bank relationships and are very pleased to have added two new banks to the group. Furthermore, we acknowledge the fine effort of Bank One in this process." The AMLI(R) portfolio currently includes 73 apartment communities containing 27,833 apartment homes, with an additional 2,241 apartment homes under development or in lease-up in six locations. AMLI is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain regions of the U.S. AMLI Residential also serves as institutional advisor and asset manager for large pension funds, tax-exempt foundations and other financial institutions through AMLI's co-investment business. AMLI employs approximately 850 people who are dedicated to achieving AMLI's mission -- Provide An Outstanding Living Environment For Our Residents. More information on AMLI is available at http://www.amli.com . AMLI press releases and other company information are available at AMLI's web site located at http://www.amli.com .SOURCE AMLI Residential Properties Trust
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Robert J. Chapman, Chief Financial Officer of
AMLI Residential Properties Trust, +1-312-984-6845
