Associated Estates Realty amends revolver, increasing size, extending maturity

By Sara Rosenberg

New York, March 24 - Associated Estates Realty Corp. amended its senior unsecured revolving credit facility, increasing the size to $150 million from $100 million and extending the maturity to March 20, 2011, according to a news release.

National City Bank is the administrative agent on the deal.

"The steps we have taken to improve our fixed-charge coverage and grow our unencumbered asset pool have enabled us to expand our line and extend its terms," said Lou Fatica, chief financial officer, in the release.

"This increased credit facility provides us with the enhanced flexibility to further our strategic objectives of repositioning the portfolio to faster growing markets and strengthening the company's balance sheet," Fatica added.

Associated Estates Realty is a Richmond Heights, Ohio-based real estate investment trust.

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