Washington REIT enters $700M revolving credit facility, extends maturity to 2025

Elme Communities

Second Amended and Restated Credit Agreement provides $700M revolving credit facility maturing August 26, 2025.
Existing $250M term loan facility continues, maturing July 21, 2023; no revolving loans drawn at closing.
Pricing: LIBOR + 0.70%-1.40% (revolver) and LIBOR + 0.85%-1.75% (term loan), based on credit rating.
Facility includes sustainability-linked pricing adjustment and option to increase total commitments to $1.5B.
Financial covenants unchanged: max total-debt/total-asset value 0.60x, min adjusted EBITDA/fixed charges 1.50x.

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