ARLINGTON, Va., April 29 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW) announced today that it has renegotiated its bank
line of credit to lower debt costs and achieve greater funding flexibility,
thereby enabling the Company to accomplish one of its primary 1997 financing
objectives early in the year.
Modification to the credit line reduces the current spread of 162.5 bp
over LIBOR to a matrix pricing structure having spreads of 97.5, 112.5 and 125
bp over LIBOR, depending on the outstanding balance as a percentage of the
borrowing base collateral value. The revised line of credit also provides for
a conversion to an unsecured facility upon receipt of an investment grade
rating by the Company. In addition, the maturity date of the facility was
extended three years to June 30, 2000.
The bank group providing the facility includes PNC Bank, N.A.,
NationsBank, and First Bank.
Charles E. Smith Residential Realty, Inc. is a self-managed Real Estate
Investment Trust listed on the New York Stock Exchange (SRW). The Company and
its subsidiaries and affiliates own, acquire, develop and manage multifamily
residential properties for its own account, and provide real estate services
to other property owners. The company owns a portfolio of over 17,000
apartment units and has a total market capitalization of approximately $1.3
billion. Investor information including press releases about Charles E. Smith
Residential Realty is available on the company's Web site at:
http://www.smithreit.com ... and also through PR Newswire's Company News On-
Call by fax 800-758-5804, ext. 101271, or at: http://www.prnewswire.com
SOURCE Charles E. Smith Residential Realty, Inc.
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CONTACT:
Denny Minami, 703-769-1020 or M. Bruce
Snyder, 703-769-1029, of Charles E. Smith Residential Realty
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