Cedar Shopping gets $150 million revolver

By Sara Rosenberg

New York, June 16 - Cedar Shopping Centers Inc. closed on a new $150 million three-year secured revolving master construction credit facility, according to a news release.

KeyBank acted as the the lead arranger on the deal that was syndicated among six other banking institutions.

Pricing on the loan is Libor plus 225 basis points.

There is a $100 million accordion feature and a one-year extension option.

Proceeds will be used for the development and redevelopment pipeline.

"This facility will provide sufficient means for us to substantially complete our announced pipeline through 2009 without having to access or expand our existing secured revolving credit facility. We believe the pricing to be very favorable under current market conditions and we believe the facility will greatly enhance administration of our development operations," said Larry Kreider, chief financial officer, in the release.

Cedar Shopping is a Port Washington, N.Y.-based real estate investment trust that focuses primarily on ownership, operation, development and redevelopment of supermarket-anchored shopping centers.

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