Forest City Rental gets $600 million amended and restated revolver

By Sara Rosenberg

New York, June 12 - Forest City Rental Properties Corp. closed on a $600 million amended and restated revolving credit facility due March 31, 2010, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

KeyBank is the administrative agent on the deal, National City Bank is syndication agent, and Bank of America and LaSalle Bank are co-documentation agents.

Pricing on the revolver is Libor plus 145 basis points.

There is a $150 million accordion feature.

The revolver allows the company's subsidiaries to incur indebtedness to complete acquisitions of portfolios of assets, provided the consideration paid for such portfolio acquisitions does not exceed $200 million individually or $800 million in the aggregate.

The amendment and restatement was completed on June 6.

Forest City Rental is a wholly owned subsidiary of Forest City Enterprises, Inc., a Cleveland-based owner, developer, manager and acquirer of commercial and residential real estate properties.

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