CLEVELAND, Jan. 29 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that it has closed a new, two-year, $500 million revolving credit facility with its 15-member bank group.
"This closing marks a major milestone in our ongoing efforts to further improve liquidity and strengthen our financial position," said Charles A. Ratner, Forest City president and chief executive officer. "We're gratified by the support and confidence shown by the members of our bank group in bringing this new credit facility to closing. I also congratulate our internal team, led by Bob O'Brien, Forest City's chief financial officer, for all of their efforts."
Key Bank National Association serves as Administrative Agent, PNC Bank National Association serves as Syndication Agent, and Bank of America, N.A. serves as Documentation Agent for the group. All 14 members of the Company's prior bank group, along with one new bank, are part of the new facility. The new facility replaces Forest City's prior $750 million credit facility, which was scheduled to mature in March 2010.
About Forest City
Forest City Enterprises, Inc., is an $11.9 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.
SOURCE Forest City Enterprises, Inc.