Cedar Shopping Centers closes on three-year, $150 million revolving credit facility
June 16, 2008: 02:54 PM EST
NEW YORK (Associated Press) - Cedar Shopping Centers Inc., a real estate investment trust, said Monday it closed on a $150 million revolving construction credit facility.
The new credit facility, which can be increased to $250 million under certain scenarios, will serve as the company's main source of capital for development and redevelopment projects.
The facility, with an interest rate 2.25 points above the London Inter-Bank Offer Rate, has a term of three years with a one-year extension option.
"This facility will provide sufficient means for us to substantially complete our announced pipeline through 2009 without having to access or expand our existing secured revolving credit facility," Larry Kreider, Cedar Shopping Centers' chief financial officer, said in a statement.
Cedar Shopping Centers already has an existing $300 million secured revolving credit line.
Shares of Cedar Shopping Centers rose 8 cents to $12.05 in afternoon trading.
Source:
http://money.cnn.com/news/newsfeeds/articles/apwire/119758ed1364ffad24f1c3245fad0c48.htm |
