JDN Realty Corporation Announces New $300 Million Senior Secured Credit Facility

Apr 02, 2001, 01:00 ET from JDN Realty Corporation

    ATLANTA, April 2 /PRNewswire/ -- JDN Realty Corporation (NYSE:   JDN) today
 announced that it has closed on a $300 million secured credit facility
 consisting of a $150 million term loan and a $150 million line of credit.
 This credit facility replaces the Company's $100 million secured term loan and
 $175 million secured line of credit, which were to mature on June 14, 2001.
 Proceeds from the new credit facility were used to repay $210 million
 outstanding under the existing term loan and line of credit.
     The credit facility is led by Fleet National Bank, as Administrative
 Agent, Bankers Trust Company, as Syndication Agent, and Commerzbank, A.G., as
 Documentation Agent, with Wells Fargo Bank, N.A., Firstar Bank, N.A., Keybank,
 N.A., PNC Bank, N.A., SouthTrust Bank, N.A., and First Tennessee Bank, N.A. as
 participants in the bank group.  Borrowings under the credit facility will
 bear interest at rates ranging from LIBOR plus 225 basis points to LIBOR plus
 175 basis points depending on leverage and corporate credit rating, and will
 mature on December 31, 2002, with a provision for a one-year extension,
 subject to lender approval.  Initial borrowings under the credit facility will
 bear interest at LIBOR plus 200 basis points.
     JDN Realty intends to continue to use funds available under the senior
 credit facility for shopping center development, working capital and for
 general corporate purposes.
     The Company also announced that it had entered into an interest rate swap
 agreement effective March 30, 2001, with a $150 million notional amount at a
 strike price of 4.6225%, which terminates on December 31, 2002.  This swap
 agreement effectively fixes the underlying LIBOR rate on the term loan at
 4.6225%.
     Commenting on the announcement, Craig Macnab, Chief Executive Officer of
 JDN Realty Corporation, stated, "The commitment we have received from Fleet
 Bank and the bank member group, which consists of strong caliber lenders
 including both new lenders and lenders from the previous facility, is a vote
 of confidence in JDN.  We have always maintained that JDN has an excellent
 portfolio of shopping center assets that are anchored by the leading retailers
 in the country.  As such, we believe the terms of these facilities,
 particularly with the possible reduction in cost as the Company's credit
 quality improves, better reflects the financial condition of JDN.  We are
 looking forward to working with Fleet and the other members of the bank group
 for the foreseeable future."
     John D. Harris Jr., Chief Financial Officer of JDN Realty Corporation,
 stated, "The closing of this credit facility marks another milestone on the
 path of recovery at JDN.  This new facility provides us with additional
 liquidity, flexibility and lays the groundwork for future reductions in our
 cost of capital.  We are pleased that, with Fleet's leadership and the
 participant banks' support, we were able to close this facility on the
 timetable we previously announced.  We are also pleased limit our exposure on
 increases in interest rates with the interest rate swap agreement."
     JDN Realty Corporation is a real estate company specializing in the
 development and asset management of retail shopping centers anchored by value-
 oriented retailers.  Headquartered in Atlanta, Georgia, the Company owns and
 operates directly or indirectly 111 properties, containing approximately
 11.9 million square feet of gross leasable area, located in 19 states.  The
 common stock and preferred stocks of JDN Realty Corporation are listed on the
 New York Stock Exchange under the symbols "JDN" and "JDNPrA," respectively.
     JDN Realty Corporation considers the portions of the information contained
 in this release and statements made in connection with this release, with
 respect to the Company's beliefs and expectations of the outcome of future
 events to be forward-looking statements within the meaning of Section 27A of
 the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
 1934, both as amended.  Forward-looking statements are, by their nature,
 subject to known and unknown risks and uncertainties.  Forward looking
 statements include statements regarding the following: intended use of funds
 available under the senior credit facility.  Other risks, uncertainties and
 factors that could adversely affect the Company and its operations are
 detailed from time to time in reports filed by the Company with the Securities
 and Exchange Commission, including Forms 8-K, 10-Q and 10-K.  JDN Realty
 Corporation does not undertake any obligation to release publicly any
 revisions to forward-looking statements contained herein to reflect events or
 circumstances occurring after the date hereof or to reflect the occurrence of
 unanticipated events.
     For additional information, visit the Company's home page on the Internet
 at http://www.jdnrealty.com .
 
 

SOURCE JDN Realty Corporation
    ATLANTA, April 2 /PRNewswire/ -- JDN Realty Corporation (NYSE:   JDN) today
 announced that it has closed on a $300 million secured credit facility
 consisting of a $150 million term loan and a $150 million line of credit.
 This credit facility replaces the Company's $100 million secured term loan and
 $175 million secured line of credit, which were to mature on June 14, 2001.
 Proceeds from the new credit facility were used to repay $210 million
 outstanding under the existing term loan and line of credit.
     The credit facility is led by Fleet National Bank, as Administrative
 Agent, Bankers Trust Company, as Syndication Agent, and Commerzbank, A.G., as
 Documentation Agent, with Wells Fargo Bank, N.A., Firstar Bank, N.A., Keybank,
 N.A., PNC Bank, N.A., SouthTrust Bank, N.A., and First Tennessee Bank, N.A. as
 participants in the bank group.  Borrowings under the credit facility will
 bear interest at rates ranging from LIBOR plus 225 basis points to LIBOR plus
 175 basis points depending on leverage and corporate credit rating, and will
 mature on December 31, 2002, with a provision for a one-year extension,
 subject to lender approval.  Initial borrowings under the credit facility will
 bear interest at LIBOR plus 200 basis points.
     JDN Realty intends to continue to use funds available under the senior
 credit facility for shopping center development, working capital and for
 general corporate purposes.
     The Company also announced that it had entered into an interest rate swap
 agreement effective March 30, 2001, with a $150 million notional amount at a
 strike price of 4.6225%, which terminates on December 31, 2002.  This swap
 agreement effectively fixes the underlying LIBOR rate on the term loan at
 4.6225%.
     Commenting on the announcement, Craig Macnab, Chief Executive Officer of
 JDN Realty Corporation, stated, "The commitment we have received from Fleet
 Bank and the bank member group, which consists of strong caliber lenders
 including both new lenders and lenders from the previous facility, is a vote
 of confidence in JDN.  We have always maintained that JDN has an excellent
 portfolio of shopping center assets that are anchored by the leading retailers
 in the country.  As such, we believe the terms of these facilities,
 particularly with the possible reduction in cost as the Company's credit
 quality improves, better reflects the financial condition of JDN.  We are
 looking forward to working with Fleet and the other members of the bank group
 for the foreseeable future."
     John D. Harris Jr., Chief Financial Officer of JDN Realty Corporation,
 stated, "The closing of this credit facility marks another milestone on the
 path of recovery at JDN.  This new facility provides us with additional
 liquidity, flexibility and lays the groundwork for future reductions in our
 cost of capital.  We are pleased that, with Fleet's leadership and the
 participant banks' support, we were able to close this facility on the
 timetable we previously announced.  We are also pleased limit our exposure on
 increases in interest rates with the interest rate swap agreement."
     JDN Realty Corporation is a real estate company specializing in the
 development and asset management of retail shopping centers anchored by value-
 oriented retailers.  Headquartered in Atlanta, Georgia, the Company owns and
 operates directly or indirectly 111 properties, containing approximately
 11.9 million square feet of gross leasable area, located in 19 states.  The
 common stock and preferred stocks of JDN Realty Corporation are listed on the
 New York Stock Exchange under the symbols "JDN" and "JDNPrA," respectively.
     JDN Realty Corporation considers the portions of the information contained
 in this release and statements made in connection with this release, with
 respect to the Company's beliefs and expectations of the outcome of future
 events to be forward-looking statements within the meaning of Section 27A of
 the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
 1934, both as amended.  Forward-looking statements are, by their nature,
 subject to known and unknown risks and uncertainties.  Forward looking
 statements include statements regarding the following: intended use of funds
 available under the senior credit facility.  Other risks, uncertainties and
 factors that could adversely affect the Company and its operations are
 detailed from time to time in reports filed by the Company with the Securities
 and Exchange Commission, including Forms 8-K, 10-Q and 10-K.  JDN Realty
 Corporation does not undertake any obligation to release publicly any
 revisions to forward-looking statements contained herein to reflect events or
 circumstances occurring after the date hereof or to reflect the occurrence of
 unanticipated events.
     For additional information, visit the Company's home page on the Internet
 at http://www.jdnrealty.com .
 
 SOURCE  JDN Realty Corporation