Arden Realty, Inc. Amends and Extends Its Unsecured Credit Facility.Business Editors LOS ANGELES--(BUSINESS WIRE)--May 11, 2000 Arden Realty, Inc. (NYSE NYSE See: New York Stock Exchange :ARI ARI Acute respiratory infection, see there ) announced today that it has amended and extended its unsecured credit facility (the "Credit Facility"), which was scheduled to mature in June 2000. Co-Lead Arrangers of the Credit Facility are Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank and Lehman Commercial Paper, Inc. Lenders under the Credit Facility comprise a bank group in which Wells Fargo Bank holds the title of Administrative Agent, Lehman Commercial Paper, Inc. is Syndication Agent, and Bank One, N.A. is Documentation Agent. The Credit Facility, which provides for borrowings up to $275 million, now matures in April 2003. Based upon Arden's senior debt rating of BBB-/Baa3, the interest rate under the Credit Facility is LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 1.15%, plus a .25% annual facility fee. In addition, the Credit Facility contains a competitive bid option, whereby the lenders may bid on the interest rate to be charged for outstanding balances up to $137.5 million. "The completion of this important financing transaction extends the maturity of our credit facility for three years, improving Arden's overall financial flexibility," stated Diana Laing, Chief Financial Officer. "We are pleased to maintain our relationship with the bank group, which understands our business well and continues to support our strategic growth." Arden Realty, Inc. is a self-administered and self-managed REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). that owns, manages, leases, develops, renovates and acquires commercial properties located in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The company is the largest office landlord in Southern California, with more than 18.5 million square feet of office space, and three properties with approximately 700,000 square feet under development. Arden is at the forefront of the commercial real estate industry in implementing broadband technologies and internet-based tenant services into its portfolio. Statements in this news release which are not historical may be deemed forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include the availability and cost of capital for future investments, competition within the industry, real estate and economic conditions, and other risks detailed from time to time in the Company's SEC filings. |
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