April 25 2007
Associated Estates Secures $100 Million Senior Unsecured Revolving Credit Facility:
Provides Greater Flexibility to Grow the Business
CLEVELAND, April 25, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Associated
Estates Realty Corporation (NYSE: AEC) announced today that it has replaced two smaller
secured lines of credit with a $100 Million Senior Unsecured Revolving Credit Facility.
The Credit Facility initially bears interest at LIBOR plus a spread of 160 basis points,
but the rate can be lower or higher based on various financial ratios. The Credit Facility
has a term of three years. National City Bank acted as the Lead Arranger and
Administrative Agent. The other participating banks were Wells Fargo, N.A., Raymond James
Bank, FSB and The Huntington National Bank.
"This unsecured line gives us greater financial flexibility to execute our
strategic plan to rebalance our portfolio into higher growth markets," said Lou
Fatica, chief financial officer.
Associated Estates Realty Corporation is a real estate investment trust
("REIT"), headquartered in Richmond Heights, Ohio, a suburb of Cleveland. The
Company directly or indirectly owns, manages or is a joint venture partner in 99
multifamily properties containing a total of 20,650 units located in nine states. For more
information about the Company, please visit its website at: http://www.aecrealty.com/.
For more information, please contact:
Michael Lawson
Vice President of Investor Relations
216-797-8798
mlawson@aecrealty.com
Kimberly Kanary
Manager of Corporate Communications
216-797-8752
kkanary@aecrealty.com
SOURCE Associated Estates Realty Corporation
Michael Lawson, Vice President of Investor Relations, +1-216- 797-8798,
mlawson@aecrealty.com , Kimberly Kanary, Manager of Corporate Communications,
+1-216-797-8752, kkanary@aecrealty.com, both of Associated Estates Realty Corporation
http://www.aecrealty.com//