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Associated Estates Expands Credit Line (AP)

Mon, 24 Mar 2008 22:56:00 Etc/GM

CLEVELAND (AP) -- Associated Estates Realty Corp. said Monday it increased its $100 million senior unsecured revolving credit facility to $150 million and extended its maturity to March 20, 2011.

National City Bank acted as lead arranger and is the administrative agent. Other participating banks are Wells Fargo Bank, N.A., Raymond James Bank, FSB, The Huntington National Bank and US Bank, National Association.

"This increased credit facility provides us with the enhanced flexibility to further our strategic objectives of repositioning the portfolio to faster growing markets and strengthening the company's balance sheet," said Lou Fatica, chief financial officer.

Associated Estates is a real estate investment trust, with a portfolio of 53 properties located in nine states.


source: http://biz.yahoo.com/ap/080324/associated_estates_financing.html?.v=1

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