CLEVELAND, Feb. 25, 2013 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has closed a new, $465 million credit facility with a 14-member bank group. The three-year facility, with an additional one-year extension option, allows for additional banks to join the group, up to a maximum line of $500 million. (Logo: http://photos.prnewswire.com/prnh/20080515/FRSTCTYLOGO ) "This new credit facility is another step in positioning Forest City to take advantage of opportunities in our core markets and products," said David J. LaRue, Forest City president and chief executive officer. "The more favorable pricing and covenants also give us additional flexibility in managing our business. We're gratified by the confidence and support shown by all of our member banks, and I want to thank our internal finance team, led by CFO Bob O'Brien, in achieving this great outcome." Thirteen banks that were members of the company's prior bank group, along with one new bank, are part of the new facility. In addition, four member banks increased their commitments, compared with the prior facility. The facility also includes a provision allowing repurchase of up to $100 million of the company's Class A common stock over the term of the facility, in line with the share repurchase program announced by the company in December, 2012. The new facility replaces the company's prior revolving credit facility, which was scheduled to mature in March, 2014. Key Bank, N.A. will serve as Administrative Agent, PNC Bank, N.A. will serve as Syndication Agent, and Bank of America, N.A. will serve as Documentation Agent for the group. About Forest CityForest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.7 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net. Safe Harbor Language Statements made in this news release that state the company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, the strategic decision to reposition or divest portions of the company's land business, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of its insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, cybersecurity risks and cyber incidents, as well as other risks listed from time to time in the company's SEC filings, including but not limited to, the company's annual and quarterly reports.