KENNETT SQUARE, Pa., Jan. 29 /PRNewswire/ -- ElderTrust (NYSE: ETT), a
health care REIT, today reported that it has reached agreement with Deutsche
Bank to extend the term on its Bank Credit Facility. Under the agreement
terms, the Facility is extended to April 29, 1999. An additional extension
period through July 31, 1999 may be available. The interest rate applicable
under the Facility has not been affected by the extension, however a
fee is payable for each extension period.
"Deutsche Bank was an essential part of our Initial Public Offering
completed in January, 1998, but it is time that we move to a multi-year,
multi-bank relationship," said Edward Romanov, Jr., President and Chief
Executive Officer of ElderTrust. "The existing Bank Credit Facility was a
short-term arrangement. We are currently negotiating with other lenders for a
new credit facility with a longer term. We are confidant a new facility will
be in place within the extension periods we have negotiated."
ElderTrust is a real estate investment trust that invests in real estate
properties used in the healthcare services industry, principally along the
East Coast of the United States. Since commencing operations in January 1998,
the Company's has acquired interests in a portfolio of 31 buildings and has
loaned $47.5 million in construction and term financing on 10 additional
healthcare facilities.
Certain matters discussed within this press release may be deemed to be
forward looking statements within the meaning of the Private Securities Act of
1995. Although ElderTrust believes the expectations reflected in such forward
looking statements are reasonable assumptions, it can give no assurance that
its expectations will be attained. Factors that could cause actual results to
differ materially from ElderTrust's expectations include real estate
conditions, information determined in the course of due diligence review,
changes in the economic conditions and other risks detailed from time to time
in the Company's SEC reports and filings, including its registration
statement as well as quarterly reports on Form 10-Q and reports on Form 8-K.
The Company assumes no obligation to update or supplement forward looking
statements that become untrue because of subsequent events.
SOURCE ElderTrust
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Related links:
http://www.eldertrust.com
CONTACT:
D. Lee McCreary, Jr., Senior Vice President &
Chief Financial Officer of ElderTrust, 610-925-4200
NOTE TO EDITORS: For more information on ElderTrust via fax at no
charge, please dial 800-PRO-INFO and enter ticker symbol ETT, or
visit ElderTrust's Web site at http://www.eldertrust.com
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