Press release from PR Newswire
Cedar Realty Trust Closes $310 Million Unsecured Credit Facility
Thursday, August 01, 2013
Cedar Realty Trust Closes $310 Million Unsecured Credit Facility16:26 EDT Thursday, August 01, 2013
PORT WASHINGTON, N.Y., Aug. 1, 2013 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) announced today the closing of a $310 million unsecured credit facility. The new facility is comprised of a three-year $260 million revolving credit facility and a five-year $50 million term loan. Borrowings under the new facility are initially priced at LIBOR plus 195 bps, and can range from LIBOR plus 165 bps to 225 bps based on the Company's leverage ratio. The revolving credit facility may be extended for two additional one-year periods. Under an accordion feature, the new facility can be increased to $500 million. This unsecured credit facility replaces in its entirety the Company's prior secured credit facility.
"This unsecured credit facility improves our borrowing margin, extends our debt maturity profile and provides greater financial flexibility," said Philip Mays, Chief Financial Officer. "We appreciate the support of our bank group and their recognition of the balance sheet improvements we have accomplished to date."
The Company's bank group was led by KeyBank National Association, as Administrative Agent, and Bank of America, N.A., as Syndication Agent. Manufacturers and Traders Trust Company and Regions Bank acted as co-documentation agents. Other banks in the syndicate include TD Bank, N.A.; Royal Bank of Canada; Capital One, N.A.; Raymond James Bank, N.A.; and Goldman Sachs Bank USA.
About Cedar Realty Trust Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") is comprised of 67 properties, with approximately 10 million square feet of GLA.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarrealtytrust.com.
SOURCE Cedar Realty Trust, Inc.
For further information: Brad Cohen, 1-203-682-8211, Brad.Cohen@icrinc.com