VIVMARK RESIDENTIAL unit assumes $2.5 billion revolver and $550 million term loan
In connection with the closing of the Mergers on August 17, 2026, ERP Operating Partnership assumed AvalonBay's obligations under a $2.5 billion revolving credit facility and a $550 million term loan facility, and also assumed Merger Sub's obligations under multiple series of unsecured notes. The filing does not describe the Mergers' terms or their financial effect, so shareholders can see the debt structure but not the deal's economics here.
Key points
- On August 17, 2026, ERP Operating Partnership became the new borrower under the $2.5 billion revolver and $550 million term loan, which were previously AvalonBay's facilities.
- As of August 17, 2026, $1.205 billion was borrowed under the revolver and the full $550 million was outstanding under the term loan.
- The revolver matures April 3, 2030 and the term loan matures April 3, 2029; the current spreads are 72.5 and 80 basis points per annum.
- Supplemental indentures dated August 17, 2026 transfer unsecured notes issued under 1998, 2018 and 2024 indentures, with individual series ranging from $300 million to $700 million in principal.
The filing
Written by AI on Nov 8, 2026, 1:10 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 17, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.