MIAMI BEACH, Fla., April 1, 2011 /PRNewswire/ -- LNR Property LLC (the "Company") today announced that it intends to launch a refinancing of its existing senior credit facilities with a combination of cash on hand and new senior secured credit facilities in an aggregate principal amount of $365 million. The new senior secured facilities will be comprised of a $325 million term loan B due 2016 and a $40 million revolving credit facility due 2014. The refinancing is expected to further reduce outstanding corporate debt at the Company from $350 million to $325 million following the completion of the transaction. Goldman Sachs and Bank of America Merrill Lynch have been appointed to act as joint lead arrangers and joint bookrunners and Credit Suisse will serve as documentation agent for the new senior secured credit facilities.
Contact: LNR Media Line (305) 695-5426
SOURCE LNR Property LLC