ELS Announces $200 Million Unsecured Term Loan Commitment

Equity LifeStyle Properties ELS today announced that it has entered into a commitment for a $200 million senior unsecured term loan facility. The Term Loan matures in six years and has a one-year extension option. The interest rate on the Term Loan is at LIBOR plus 1.85% to 2.80% per annum. The spread over LIBOR is variable based on leverage throughout the loan term. In connection with the Term Loan, the Company also entered into a 3-year LIBOR Swap Agreement allowing the Company to trade its variable interest rate for a fixed interest rate on the Term Loan. The Swap fixes the underlying LIBOR rate on the Term Loan at 1.11% per annum for the first three years and based on anticipated leverage at the time of closing, the Company's spread over LIBOR will be 2.15% resulting in an initial estimated all-in interest rate of 3.26% per annum. The Term Loan is expected to close, and the Swap will become effective, on July 1, 2011. The proceeds from the Term Loan are expected to be used to partially fund the previously announced pending acquisition of a portfolio of 76 manufactured home communities containing 31,167 sites on approximately 6,500 acres located in 16 states (primarily located in Florida and the northeastern region of the United States) and certain manufactured homes and loans secured by manufactured homes located at the Hometown Properties (the “Home Related Assets” and collectively with the Hometown Properties, the “Hometown Portfolio”) for a stated purchase price of $1.43 billion. The Company refers to this pending acquisition as the “Acquisition.”