Forest City gets new $450 million revolver

By Sara Rosenberg

New York, March 23 - Forest City Enterprises Inc. closed on a new $450 million revolving credit facility due in 2007, with annual renewal options. KeyBank and National City Bank were the lead banks on the deal.

The syndicate is comprised of the 12 banks that were already part of the company's existing bank group and two new banks, Harris Nesbitt and Charter One, according to a company news release.

Proceeds were used to refinance the company's previous facility, which had $150 million less in availability than the new facility and was comprised of both revolver and term loan components.

"The expanded availability of credit and flexibility reflect the continuing and increasing support from our corporate bank group and is evidence of the trust-based relationship we have fostered with them," said Charles A. Ratner, president and chief executive officer, in the release. "The bank group and bank line expansion culminates a series of recent capital-raising transactions, beginning in the spring of 2003, which included the sale of two senior note offerings totaling $400 million."

Forest City is a Cleveland commercial and residential real estate company.

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