Summary
On February 16, 2006, AMB Property Corporation (the "Registrant"), through its subsidiary AMB Property, L.P., entered into a material definitive agreement in the form of a third amended and restated revolving credit agreement. This new facility significantly increases the company's unsecured revolving credit capacity to $250 million, replacing a prior $100 million facility. The agreement matures on February 16, 2010, with an option for a one-year extension, and allows for a potential increase in borrowings up to $350 million under certain conditions.
Key Highlights
- 1AMB Property Corporation amended and restated its revolving credit facility, increasing the total commitment to $250 million from $100 million.
- 2The new facility matures on February 16, 2010, with a one-year extension option.
- 3The company has the ability to request a one-time increase in borrowings up to $350 million.
- 4Borrowings will generally be based on LIBOR plus a margin, currently 60 basis points, dependent on AMB Property, L.P.'s senior unsecured long-term debt credit rating.
- 5An annual facility fee of 20 basis points is also tied to the credit rating.
- 6The credit agreement permits borrowings and letters of credit in multiple currencies, including USD, HKD, SGD, CAD, and Euros, subject to specific conditions.
- 7The agreement includes customary affirmative and negative covenants, as well as events of default, with potential acceleration of debt.