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Associated Estates Increases Credit Facility to $150 Million (PR Newswire)

Mon, 24 Mar 2008 17:32:00 Etc/GM

CLEVELAND, March 24 /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC - News) announced today that it amended its $100 million senior unsecured revolving credit facility to increase the facility to $150 million and extend its maturity to March 20, 2011. National City Bank acted as Lead Arranger and is the Administrative Agent. The other participating banks are Wells Fargo Bank, N.A., Raymond James Bank, FSB, The Huntington National Bank and US Bank, National Association.

"The steps we have taken to improve our fixed charge coverage and grow our unencumbered asset pool have enabled us to expand our line and extend its terms," said Lou Fatica, chief financial officer. "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."

Associated Estates Realty Corporation (AEC) is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. AEC's portfolio consists of 53 properties containing 13,011 units located in nine states. For more information about the Company, please visit its website at www.aecrealty.com.

    For more information, please contact:
    Michael Lawson
    Vice President of Investor Relations
    216-797-8798
    mlawson@aecrealty.com


source: http://biz.yahoo.com/prnews/080324/clm064.html?.v=101

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