Wachovia Capital Markets LLC was the lead arranger. Participating banks were Wachovia Bank NA, as administrative agent; Bank One NA as syndication agent; Wells Fargo Bank and SunTrust Bank, as co-documentation agents; PNC Bank NA, AmSouth Bank, Southtrust Bank, JP Morgan Chase Bank and First Commercial.
On the credit line, Post will be paying an interest rate of 90 basis points over the London Inerbank Offered Rate (Libor). The new facility matures in January 2004 and replaces the existing facility which matures in April 2004.
"This new facility provides us with the flexibility to further our strategic objectives of repositioning the company's portfolio in fewer cities where we can achieve operating efficiencies and leverage the Post brand," says Christopher J. Papa, Post's chief financial officer.
The strategy is expected to result in "strengthening the company's balance sheet and investing in development and acquisitions that enhance the diversification of our cash flow stream and the quality of our assets," Papa says.
Post Properties owns 28,081 apartment units in 76 communities, including 468 units under development and leaseup.
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