Centerline completes refinancing of CMBS assets, repays loan; credit facility changes on horizon

By Caroline Salls

Pittsburgh, Dec. 12 - Centerline Holding Co. has completed a refinancing of some CMBS assets held on its balance sheet and repaid an existing repurchase loan facility, according to a company news release.

With this refinancing, the company said it has no remaining repurchase debt on its balance sheet.

In addition, Centerline and its bank lenders have agreed in principle, subject to final credit approval and completion of documentation, to a modification of Centerline's term loan and revolving line of credit.

Under the agreement in principle, the maturity of the company's term loan and revolver will be extended to Dec. 31, 2009 and Dec. 31, 2010, respectively.

Centerline said the agreement also requires suspension of its preferred and common dividends while the debt is outstanding.

The company said the lenders have extended the term loan payment date to Dec. 19 from Dec. 12 to give Centerline enough time to complete necessary documentation.

Centerline is a New York-based investment holding firm.

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