-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JGf0vAqIBKVzrZUxATkAbo/7iy1oFF60QHvp/2rGK+YeRRGRMx0oaudtBeu7rDpD x5e3yJZkvzu2hfwKjHhQqw== 0000950134-99-008041.txt : 19990909 0000950134-99-008041.hdr.sgml : 19990909 ACCESSION NUMBER: 0000950134-99-008041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990816 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIMCO PROPERTIES LP CENTRAL INDEX KEY: 0000926660 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 841275621 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24497 FILM NUMBER: 99707278 BUSINESS ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET SUITE 1700 CITY: DENVER STATE: CO ZIP: 80222-8101 BUSINESS PHONE: 3037578101 8-K 1 FORM 8-K 1 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 (Date of earliest event reported) August 16, 1999 AIMCO Properties, L.P. --------------------------------------------------------- (Exact name of registrant as specified in its charter) MARYLAND 0-24497 84-1275621 - ---------------------------- ----------- ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation or File Number) Identification No.) organization) 1873 SOUTH BELLAIRE STREET, SUITE 1700, DENVER, CO 80222-4348 ----------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (303) 757-8101 NOT APPLICABLE ------------------------------------------------------------ (Former name or Former Address, if Changed Since Last Report) 2 ITEM 5. OTHER EVENTS. On August 16, 1999, AIMCO Properties, L.P. entered into a new secured $300 million revolving credit facility (the "New Credit Facility") with a syndicate of banks led by Bank of America, BankBoston, N.A., and First Union National Bank. The New Credit Facility includes a swing line of up to $30 million. AIMCO Properties, L.P. is the borrower under the New Credit Facility, but all obligations thereunder are guaranteed by Apartment Investment and Management Company ("AIMCO") and certain of its subsidiaries. The obligations under the New Credit Facility are secured by certain assets of AIMCO Properties, L.P. The annual interest rate under the New Credit Facility is based on either LIBOR or a base rate which is the higher of Bank of America's reference rate or 0.5% over the federal funds rate, plus, in either case, an applicable margin. The margin ranges between 2.05% and 2.55%, in the case of LIBOR-based loans, and between 0.55% and 1.05%, in the case of base rate loans, based upon a fixed charge coverage ratio. The New Credit Facility expires on July 31, 2001 unless extended at the discretion of AIMCO Properties, L.P., at which time the revolving facility would be converted into a term loan for up to two successive one-year periods. The financial covenants contained in the New Credit Facility require AIMCO to maintain a ratio of debt to gross asset value of no more than 0.55 to 1.0, a ratio of total obligations (debt plus preferred stock) to gross asset value of no more than 0.65 to 1.0, and an interest coverage ratio of 2.25 to 1.0, and a fixed charge coverage ratio of at least 1.7 to 1.0 through September 31, 1999 and 1.75 to 1.0 thereafter. In addition, the New Credit Facility limits AIMCO from distributing more than 80% of its Funds From Operations (as defined) (or such amounts as may be necessary for AIMCO to maintain its status as a REIT), imposes minimum net worth requirements and contains other financial covenants. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits The following exhibits are filed with this report:
Exhibit Number Description -------------- ----------- 10.1 Credit Agreement (Secured Revolving Credit Facility), dated as of August 16, 1999, among AIMCO Properties, L.P., Bank of America, Bank Boston, N.A., and First Union National Bank. (Exhibit 10.1 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.2 Borrower Pledge Agreement, dated as of August 16, 1999, between AIMCO Properties, L.P. and Bank of America. (Exhibit 10.2 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.3 Form of Committed Loan Note, issued by AIMCO Properties, L.P., to Bank of America, BankBoston, N.A., and First Union National Bank. (Exhibit 10.3 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.4 Form of Swing Line Note, issued by AIMCO Properties, L.P. to Bank of America, BankBoston, N.A., and First Union National Bank. (Exhibit 10.4 to AIMCO's Current Report on
Page 2 of 5 3 Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.5 Form of Payment Guaranty, by Apartment Investment and Management Company, AIMCO/NHP Holdings, Inc., NHP A&R Services, Inc., and NHP Management Company. (Exhibit 10.5 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.6 Form of Payment Guaranty of Non-Preferred Stock Subsidiaries. (Exhibit 10.6 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.7 Form of Intra-Company Subordination Agreement, by and among AIMCO Properties, L.P., Bank of America, BankBoston, N.A., and First Union National Bank. (Exhibit 10.7 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.)
Page 3 of 5 4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: September 7, 1999 AIMCO PROPERTIES, L.P. By: AIMCO-GP, Inc. its General Partner By: /s/Patrick J. Foye ------------------------------------ Executive Vice-President Page 4 of 5 5 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION -------------- ----------- 10.1 Credit Agreement (Secured Revolving Credit Facility), dated as of August 16, 1999, among AIMCO Properties, L.P., Bank of America, Bank Boston, N.A., and First Union National Bank. (Exhibit 10.1 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.2 Borrower Pledge Agreement, dated as of August 16, 1999, between AIMCO Properties, L.P. and Bank of America. (Exhibit 10.2 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.3 Form of Committed Loan Note, issued by AIMCO Properties, L.P., to Bank of America, BankBoston, N.A., and First Union National Bank. (Exhibit 10.3 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.4 Form of Swing Line Note, issued by AIMCO Properties, L.P. to Bank of America, BankBoston, N.A., and First Union National Bank. (Exhibit 10.4 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.5 Form of Payment Guaranty, by Apartment Investment and Management Company, AIMCO/NHP Holdings, Inc., NHP A&R Services, Inc., and NHP Management Company. (Exhibit 10.5 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.6 Form of Payment Guaranty of Non-Preferred Stock Subsidiaries. (Exhibit 10.6 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.) 10.7 Form of Intra-Company Subordination Agreement, by and among AIMCO Properties, L.P., Bank of America, BankBoston, N.A., and First Union National Bank. (Exhibit 10.7 to AIMCO's Current Report on Form 8-K, dated September 7, 1999, is incorporated herein by this reference.)
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