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-KeyBank, BofA lead USD300m financing to Cedar Realty Trust.

M2 EQUITYBITES-January 27, 2012--KeyBank, BofA lead USD300m financing to Cedar Realty Trust(C)2012 M2 COMMUNICATIONS

27 January 2012 - KeyBank National Association and Bank of America NA have led a USD300m (EUR228.9m) senior secured credit facility to Cedar Realty Trust Inc (NYSE:CDR), acting as administrative and syndication agent, respectively, the US real estate investment trust said on Thursday.

Manufacturers and Traders Trust Company and Regions Bank have served as co-documentation agents.

Royal Bank of Canada (TSE:RY), TD Bank NA, Raymond James Bank FSB, Credit Suisse AG Cayman Islands Branch and Goldman Sachs Bank USA have also taken part in the transaction.

The financing consists of a four-year USD75m term loan and a three-year USD225m revolving credit facility. The deal may be upsized to USD500m and the maturities of both the term loan and the revolver may be extended by one year. The facility substitutes the company's USD185m secured revolver for stabilised properties and USD150m secured construction facility.

Cedar may initially borrow at a margin of 275 basis points over LIBOR, which, however, depends on the firm's leverage ratio and may vary between 200 and 300 basis points.

According to Cedar's CEO, Philip Mays, the move trims the company's cost of capital.

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Publication:M2 EquityBites (EQB)
Date:Jan 27, 2012
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