Developers Diversified Closes Securitized Loan
CLEVELAND (AP) ¿ Developers Diversified Realty Corp. said Friday it closed a $400 million, five-year loan, with proceeds used to pay down debt and reduce balances on revolving credit facilities.
The blended interest rate on the loan is 4.2 percent.
The company has repaid more than $270 million of mortgage debt with a weighted average duration of 1.2 years and an interest rate of 6.2 percent, the real estate investment trust said.
"We are very pleased to complete this transaction, which highlights the availability of attractive financing for quality assets with strong sponsorship," said David Oakes, senior executive vice president of finance and chief investment officer. "This also reaffirms our continued strategy to access long-term capital to retire short-term debt."The company's shares fell 38 cents, or 3.9 percent, to $9.43 in morning trading.
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