Glimcher Realty Extends Credit Pact, To Sell Mall
Stock quotes in this article:
GRT
COLUMBUS, Ohio (AP) Glimcher Realty Trust said it will modify and extend its $470 million credit agreement by one year as it looks to improve its liquidity.
The real estate investment trust said on Monday that it also will sell Lloyd Center mall in Portland, Ore. to Merlone Geier Partners IX LP for $192 million, including the assumption of the $127.5 million mortgage loan on the property. The transaction will result in about $60 million in net proceeds, which will be used for general corporate purposes. The sale is targeted to close in December. The amended credit facility lowers the minimum fixed charges, maximum recourse and maximum leverage covenants.- Loading Comments...
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