Phillips Edison & Co. amended a $211.4 million secured credit facility held by Phillips Edison Shopping Center Fund III. The facility was originated in December 2010 and is secured by 54 properties. The amendment removed certain principal acceleration payments and reduced the interest rate.

“We appreciate the support of our lending relationships in the amendment of this facility, said Phillips Edison CEO Richard J. Smith in a statement. “Fund III reduced leverage significantly this year and we are pleased that this progress was recognized by the bank group.”

Bank of America is the administrative agent and the sole lead arranger for the credit facility. The facility matures on December 23, 2013.

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