Glincher Realty alters terms of credit facility with lenders led by KeyBank, Bank of America
By APMonday, March 8, 2010
Glincher Realty alters credit facility terms
COLUMBUS, Ohio — Real estate investment trust Glimcher Realty Trust said Monday it has extended and changed its agreement for its $470 million unsecured credit facility with its lenders, including KeyBank National Association and Bank of America NA.
CEO Michael Glimcher said the changes improved the company’s liquidity.
The deal converts the credit facility to a partially secured revolving credit facility and reduced the commitment amount to $370 million at closing. It will be further reduced, the company said.
The pricing change on the credit facility is Libor plus 400 basis points with a 1.5 percent Libor floor.
Glimcher is based in Columbus, Ohio. Its shares rose 9 cents to $4.60 on Monday.
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