This excerpt taken from the EQR 8-K filed Feb 6, 2008.
Unsecured Term Loan
On October 11, 2007, the company closed on a new $500.0 million senior unsecured term loan. The new loan matures on October 5, 2010, subject to two one-year extension options exercisable by the company. The rate on the loan will generally be LIBOR plus a spread which is dependent on the current credit rating on the company’s long-term senior unsecured debt and is currently 42.5 basis points. Proceeds from the loan were used to pay down the company’s unsecured revolving credit facility, which had approximately $1.3 billion available as of February 4, 2008.