UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: September 21, 2007
(Date of earliest event reported)
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
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Maryland
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1-11718 |
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36-3857664 |
(State or other jurisdiction of
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(Commission File No.)
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(IRS Employer Identification |
incorporation or organization)
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Number) |
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Two North Riverside Plaza, Chicago, Illinois
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60606 |
(Address of principal executive offices)
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(Zip Code)
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(312) 279-1400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On September 21, 2007, Equity LifeStyle Properties, Inc. (the “Company”) amended its unsecured
debt to increase its maximum unsecured borrowing capacity from $275 million to $420 million. Prior
to the amendment, the Company had a $225 million line of credit (“$225M LOC”), and a $50 million
line of credit (“$50M LOC”). The amendment increased its $225M LOC to $400 million and decreased
its $50M LOC to $20 million. The lines of credit continue to accrue interest at LIBOR plus a
maximum of 1.20% per annum, have a 0.15% facility fee, mature on June 30, 2010, and have a one-year
extension option. Our current group of banks have committed up to $370 million on our $420 million
borrowing capacity. The Company incurred commitment and arrangement fees of approximately $285,000
to increase its borrowing capacity.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
arrangement of a Registrant
The information provided in Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits
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| Exhibit 99.1 |
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Credit Agreement ($400 million Revolving Facility) dated September 21, 2007 |
| Exhibit 99.2 |
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Second Amendment and Restated Loan Agreement ($20 million Revolving Facility)
dated September 21, 2007 |