COLUMBIA, S.C., June 9 /PRNewswire/ -- Edens & Avant announced today that
it has entered into a new $200 million unsecured term loan and has amended its
$250 million unsecured revolving credit facility. The term loan was swapped
to fixed rate. The credit facility matures on May 20, 2008, and, at the
Company's option, can be extended for an additional year. The Company has the
right to increase the credit facility to $500 million.
"We are pleased that the capital markets continue to recognize the quality
of Edens & Avant's credit profile by providing the Company with enhanced
financial strength through improved pricing and greater operating
flexibility," stated Jason Tompkins, Vice President - Finance & Capital
Markets.
The term loan and credit facility were arranged by Wachovia Capital
Markets, LLC and were syndicated to 15 banks. Other titled agents included
Bank of America, N.A., Commerzbank AG, KeyBank, N.A., PNC Bank, National
Association, Wells Fargo Bank, National Association, and Manufacturers and
Traders Trust Company.
About Edens & Avant
Edens & Avant is one of the nation's leading private retail real estate
companies. The Company develops, owns and operates neighborhood shopping
places in primary markets throughout the East Coast by partnering with leading
national and local retailers. Focusing on innovative development and
redevelopment together with key acquisitions in urban areas, Edens & Avant has
built a portfolio of more than 160 retail centers in 17 states. The Company
has Regional Headquarters in Boston, MA, Washington, DC, Atlanta, GA, and
Columbia, SC (Corporate Office). For additional information about the Company
and its retail real estate portfolio, please
visit http://www.edensandavant.com .
SOURCE Edens & Avant
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Related links:
http://www.edensandavant.com
Company News On-Call:
http://www.prnewswire.com/comp/130143.html
CONTACT:
Tracy Jones, Vice President of Edens & Avant,
+1-800-622-7212, x.7383, or tjones@edensandavant.com
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