Cedar Realty TrustInc. closed on a new $100 million unsecured term loan, which CFO PhilipMays said largely pre-funds the company's debt maturities for 2016 and further unencumbersits portfolio.
The seven-year term loan provides for delayed draws of the proceedsthrough Oct. 26, with no proceeds drawn at closing. It is initially priced at LIBORplus 165 basis points, with the interest rate to be adjusted based on the company'sleverage ratio.
Cedar Realty said it has effectively fixed the interest rateat 3.2% starting Nov. 1, based on its leverage ratio at closing, via a forward interest-rateswap agreement. The fixed rate will apply through the loan's maturity.
KeyBank NA served as administrative agent for the term loan,with Regions Bank, Branch Banking and Trust Co., and Capital One NA serving as co-syndicationagents. Other banks included Manufacturers and Traders Trust Co. and Raymond JamesBank NA.