DENVER-UDR, Inc., a leading multifamily real estate investment trust, announced Monday that it has amended its $900 million unsecured revolving credit facility. The amendment extends the maturity date to December 2017 with one 6-month extension option, and contains an accordion feature that allows the company to increase the facility to $1.45 billion.

Based on the company's current credit ratings, the credit facility carries an interest rate equal to LIBOR plus a spread of 110 basis points and a facility fee of 20 basis points, a reduction of 12.5 basis points and 2.5 basis points, respectively.

In addition, the company has amended and re-priced both its $250 million and $100 million unsecured term loans due in January, 2016. The loans were re-priced to LIBOR plus 125 basis points from LIBOR plus 142.5 basis points, and extended the maturity dates to June 2018. Both the credit facility and the term loans have matching covenants, which have been enhanced mainly by a reduction in the cap rate used to calculate gross asset value to 6% from 6.5% and the addition of an investment in unconsolidated affiliates carve-out for permitted investments.