Cedar Realty extends revolver, term loans and reprices some term loans

By Marisa Wong

Morgantown, W.Va., Sept. 13 – Cedar Realty Trust, Inc.’s operating partnership, Cedar Realty Trust Partnership, LP, amended and restated its unsecured credit facilities to extend the maturity of its revolver and extend and reprice some unsecured term loans, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Specifically, on Sept. 8 Cedar Realty Trust Partnership entered into a fourth amended and restated loan agreement with KeyBank NA as administrative agent to amend and restates its third amended and restated loan agreement dated Feb. 5, 2015.

The loan agreement provides for a $300 million senior credit facility, consisting of a $250 million unsecured revolver maturing Sept. 8, 2021 and a $50 million unsecured term loan maturing Sept. 8, 2022.

The revolver may be extended for an additional year.

The fourth amended and restated loan agreement did not change pricing on the facilities from the prior loan agreement, the filing noted.

In addition, on Sept. 8 the operating partnership entered into a second amended and restated loan agreement with KeyBank as administrative agent to amend and restate its amended and restated loan agreement dated Feb. 5, 2015 that provided for four tranches of unsecured term loans.

Under the second amended and restated loan agreement, the existing $75 million term loan, originally set to mature Feb. 11, 2019, has been extended to Sept. 8, 2024. Initial pricing for this amended term loan is Libor plus 170 basis points to 225 bps, revised from Libor plus 130 bps to 190 bps.

The operating partnership’s existing $50 million term loan, originally set to mature Feb. 5, 2020, has been extended to Sept. 8, 2022. There was no change in pricing for this term loan.

The company’s existing $75 million term loan, scheduled to mature Feb. 11, 2021, has been repriced at Libor plus 130 bps to 190 bps from Libor plus 170 bps to 230 bps. There was no change to the maturity date for this term loan.

The existing $50 million term loan, set to mature Feb. 5, 2022, has been repriced at Libor plus 130 bps to 190 bps from Libor plus 155 bps to 215 bps. The maturity date for this term loan is also unchanged.

The fourth amended and restated loan agreement and the second amended and restated loan agreement each contain financial covenants including maximum debt leverage, maximum secured debt, minimum fixed-charge coverage and minimum net worth.

The operating partnership had previously entered into various forward interest rate swap agreements, which converted Libor to fixed rates ranging from 1.45% to 2.27% for the outstanding term loans through their original maturity dates. Concurrent with the extension of the $75 million term loan, the partnership entered into a forward interest rate swap agreement to convert Libor to a fixed rate of 1.99% from its original maturity date of Feb. 11, 2019 through its new amended maturity date of Sept. 8, 2024. Similarly, concurrent with the extension of the $50 million term loan, the company entered into a forward interest rate swap agreement to convert Libor to a fixed rate of 1.89% from its original maturity date of Feb. 5, 2020 through its new amended maturity date of Sept. 8, 2022.

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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