PORT WASHINGTON, N.Y.
Jan. 26, 2012
/PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) announced today the closing of a new
senior secured credit facility. The new facility is comprised of a four-year
term loan and a three-year
revolving credit facility, subject to collateral in place. Borrowings under the new facility are initially priced at LIBOR plus 275 basis points and can range from LIBOR plus 200 to 300 basis points based on the Company's leverage ratio. The term loan and the revolving credit facility may both be extended for one additional year at the Company's option. Under an accordion feature, the credit facility can be increased to
. This facility replaces both the Company's prior
secured revolving credit facility for stabilized properties and its
secured construction facility.
"This credit facility provides the Company with additional financial flexibility as it both extends our debt maturity profile and lowers our cost of capital," said
, Chief Financial Officer. "We appreciate the support of our bank group in completing this significant transaction."
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 Royal Bank of
; TD Bank, N.A.;
Raymond James Bank
, FSB; Credit Suisse AG,
Branch; and Goldman Sachs Bank
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses primarily on the ownership and operation of supermarket-anchored shopping centers straddling the
corridor. The Company's portfolio (excluding properties treated as "held for sale") is comprised of 70 properties, with approximately 9.5 million square feet. In addition, the Company has a 20% ownership interest in 22 properties, with approximately 3.7 million square feet, through its Cedar/RioCan joint venture.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at
SOURCE Cedar Realty Trust, Inc.