Glimcher Realty Trust obtains $150 million credit facility

By Sara Rosenberg

New York, Oct. 20 - Glimcher Realty Trust closed on a new $150 million three-year secured credit facility. KeyBank was the lead bank on the deal.

Interest on the loan can range from Libor plus 115 basis points to Libor plus 170 basis points, depending on the company's ratio of debt to total asset value.

Security is a mortgage on three malls and eleven community centers.

The facility replaces an existing line of credit that was set to expire on Jan. 31, 2004 and carried an interest rate that could range from Libor plus 160 basis points to Libor plus 190 basis points.

Proceeds will be used to fund acquisition and development opportunities and for general corporate purposes. Already, $95 million of the loan has been drawn to repay $28 million in outstanding debt on the previous credit facility, to repay a maturing $40 million bridge loan on Northtown Mall, to repay $23 million in floating rate bridge loans due to mature in 2004 and to pay accrued interest and costs.

"The new credit facility lowers our interest rate cost, creates additional borrowing capacity and allow us to maintain a large pool of unencumbered community center properties," said Michael P. Glimcher, president, in a news release.

Glimcher is a Columbus, Ohio real estate investment trust, which owns, leases, manages and develops a portfolio of retail properties consisting of regional malls and community shopping centers.

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