CLEVELAND, Oct. 19 /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC; Nasdaq: AEC) announced today that it closed on a $250 million senior unsecured revolving credit facility. This credit facility will replace the Company's current $150 million line of credit and the new facility will have a three-year term, with a one-year extension option. PNC Capital Markets LLC and Wells Fargo Securities, LLC acted as Co-Lead Arrangers of the facility. PNC Bank, National Association is the Administrative Agent and Wells Fargo Bank, N.A. is the Syndication Agent.
The other participating banks are US Bank, N.A. (Documentation Agent), Raymond James Bank, FSB, The Huntington National Bank, Citibank, N.A., Compass Bank, and RBS Citizens, N.A.
"This increased credit facility is consistent with our strategic objectives of growing our portfolio and further enhancing the Company's financial flexibility," said Lou Fatica, chief financial officer. "The steps we have taken to improve our balance sheet in 2010 have positioned us to act quickly as we see opportunities," Fatica added.
Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 52 properties containing 13,456 units located in nine states. For more information about the Company, please visit its website at www.AssociatedEstates.com.
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SOURCE Associated Estates Realty Corporation