Forest City gets $500 million revolver to replace loan due in March

By Susanna Moon

Chicago, Jan. 29 - Forest City Enterprises, Inc. said it closed a new $500 million two-year revolving credit facility with its 15-member bank group.

Key Bank NA is the administrative agent, PNC Bank NA is syndication agent and Bank of America, NA is documentation agent.

All 14 members of the company's prior bank group, along with one new bank, are part of the new facility, according to the company's press release.

The facility replaces Forest City's $750 million credit facility, which was scheduled to mature in March 2010.

"This closing marks a major milestone in our ongoing efforts to further improve liquidity and strengthen our financial position," Charles A. Ratner, Forest City president and chief executive officer, said in the release.

"We're gratified by the support and confidence shown by the members of our bank group in bringing this new credit facility to closing."

Forest City is a Cleveland-based real estate company.

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