Apartment Investment and Management Co., Denver, has announced modifications to its revolving credit facility and term loan.AIMCO, a real estate investment trust, said the modifications include a temporary increase in the 80% covenant limit on distributions as a percentage of funds from operations, and the authority to redeem preferred stock with new common or preferred stock or sales proceeds. The increased covenant limit will be 88% for the quarters ended June 30, 2003 through March 31, 2004, and 85% for the quarters ended June 30, 2004 through Sept. 30, 2004. The limit will revert to 80% thereafter. The apartment REIT can be found online at http://www.aimco.com.
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