CLEVELAND, April 25 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today that it has replaced two smaller
secured lines of credit with a $100 Million Senior Unsecured Revolving
Credit Facility. The Credit Facility initially bears interest at LIBOR plus
a spread of 160 basis points, but the rate can be lower or higher based on
various financial ratios. The Credit Facility has a term of three years.
National City Bank acted as the Lead Arranger and Administrative Agent. The
other participating banks were Wells Fargo, N.A., Raymond James Bank, FSB
and The Huntington National Bank.
"This unsecured line gives us greater financial flexibility to execute
our strategic plan to rebalance our portfolio into higher growth markets,"
said Lou Fatica, chief financial officer.
Associated Estates Realty Corporation is a real estate investment trust
("REIT"), headquartered in Richmond Heights, Ohio, a suburb of Cleveland.
The Company directly or indirectly owns, manages or is a joint venture
partner in 99 multifamily properties containing a total of 20,650 units
located in nine states. For more information about the Company, please
visit its website at: http://www.aecrealty.com.
For more information, please contact:
Michael Lawson
Vice President of Investor Relations
216-797-8798
mlawson@aecrealty.com
Kimberly Kanary
Manager of Corporate Communications
216-797-8752
kkanary@aecrealty.com
SOURCE Associated Estates Realty Corporation
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Related links:
http://www.aecrealty.com/
CONTACT:
Michael Lawson, Vice President of Investor
Relations, +1-216- 797-8798, mlawson@aecrealty.com , Kimberly
Kanary, Manager of Corporate Communications, +1-216-797-8752,
kkanary@aecrealty.com, both of Associated Estates Realty
Corporation
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