PORT WASHINGTON, N.Y., Feb. 5, 2015 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) announced today the closing of $100 million of new unsecured term loans consisting of a five-year $50 million term loan and a seven-year $50 million term loan. The new five-year term loan is initially priced at LIBOR plus 145 bps with the entire proceeds drawn at closing. The new seven-year term loan is initially priced at LIBOR plus 170 bps and allows for delayed draws of the proceeds through July 1, 2015.

The Company has entered into forward interest rate swap agreements which convert the LIBOR rates to fixed rates for the new term loans beginning July 1, 2015 through their maturities. As a result, the effective fixed interest rates will be 2.9% for the new five-year term loan and 3.4% for the new seven-year term loan beginning July 1, 2015, based on the Company's leverage ratio at closing.

The amended credit facility extends the maturity date of the Company's $260 million revolving facility from August 1, 2016 to February 5, 2019 and the maturity date for its existing $50 million term loan from August 1, 2018 to February 5, 2020. Initial pricing for the amended revolving facility and the existing $50 million term loan is LIBOR plus 150 bps and LIBOR plus 145 bps, respectively, a reduction of 25 bps and 10 bps, respectively. The revolving facility may be extended for one additional year, and under an accordion feature the entire credit facility may be increased to $750 million, subject to customary conditions and lending commitments.

"The $100 million of new unsecured term loans effectively prefunds our 2015 mortgage maturities and further unencumbers our portfolio, while the amended credit facility further reduces our borrowing spreads," said Philip Mays, Chief Financial Officer.

The new term loans and amended credit facility require compliance with various covenants and restrictions, and interest rates are subject to adjustment within a pricing grid based on the Company's leverage ratio.

The Company's bank group for its $100 million of new term loans included KeyBank National Association, as Administrative Agent, and Capital One, N.A., Regions Bank, and Manufacturers and Traders Trust Company as Co-Lead Arrangers. Other banks included TD Bank, N.A., as Documentation Agent, Bank of America, N.A., BB&T Capital Markets, and Raymond James Bank, N.A.

The Company's bank group for its amended $310 million credit facility included KeyBank National Association, as Administrative Agent, and Bank of America, N.A., as Syndication Agent. Capital One, N.A., Manufacturers and Traders Trust Company and Regions Bank acted as Co-Documentation agents. Other banks in the syndicate include TD Bank, N.A., Raymond James Bank, N.A., and Goldman Sachs Bank USA.

About Cedar Realty Trust

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") is comprised of 58 properties, with approximately 9.2 million square feet of gross leasable area.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarrealtytrust.com.

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SOURCE Cedar Realty Trust, Inc.