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Cedar Extends Debt

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Real estate investment trust Cedar Shopping Centers Inc. said Monday it has extended the date by which it must pay back its $300 million secured revolving credit facility through January 2010.

The facility, which is expandable to $400 million, is syndicated by a nine-member bank group led by Bank of America Corp. About $42 million remains available for borrowing on the credit facility.

The extension eliminates any debt maturities until 2010 for the REIT. The company also expects to arrange another extension beyond 2010 or a new three-year facility for its stabilized properties.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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