Cedar Realty Trust completes $300 million secured credit facility

By Sara Rosenberg

New York, Jan. 26 - Cedar Realty Trust Inc. closed on a new $300 million senior secured credit facility, according to a news release.

KeyBank is the administrative agent on the deal, Bank of America is the syndication agent and Manufacturers and Traders Trust Co. and Regions Bank are co-documentation agents.

The facility consists of a $75 million four-year term loan and a $225 million three-year revolver, with both tranches initially priced at Libor plus 275 basis points. The spread can range from Libor plus 200 bps to 300 bps based on leverage.

The term loan and the revolver include one-year extension options, and there is a $200 million accordion feature.

Proceeds were used to refinance an existing $185 million secured revolver and a $150 million secured construction facility.

"This credit facility provides the company with additional financial flexibility as it both extends our debt maturity profile and lowers our cost of capital," Philip Mays, chief financial officer, said in the release.

Cedar Realty Trust is a Port Washington, N.Y.-based real estate investment trust that focuses primarily on the ownership and operation of supermarket-anchored shopping centers straddling the Washington D.C. to Boston corridor.

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