Associated Estates Announces Closing of $350 Million Unsecured Credit Facility

CLEVELAND, Jan. 12, 2012 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced today that it closed on a $350 million senior unsecured revolving credit facility.  This amended and restated credit facility will replace the Company's current $250 million facility and the new facility will have a four-year term, with a one-year extension option. 

PNC Capital Markets LLC and Wells Fargo Securities, LLC acted as Co-Lead Arrangers of the facility.  PNC Bank, National Association is the Administrative Agent and Wells Fargo Bank, N.A. is the Syndication Agent. 

Bank of America, N.A., Citibank, N.A., and RBS Citizens, N.A. are serving as Documentation Agents. The other participating banks are Raymond James Bank, FSB and US Bank, N.A.

"This new credit facility has more favorable pricing and further enhances our financial flexibility," said Lou Fatica, chief financial officer.  "With this facility, we continue to strengthen our unsecured credit profile," Fatica added.

Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000 and the MSCI US REIT Indices.  The Company is headquartered in Richmond Heights, Ohio.  Associated Estates' portfolio consists of 53 properties containing 13,908 units located in eight states.  For more information about the Company, please visit its website at AssociatedEstates.com.

For more information, please contact:
Jeremy Goldberg
(216) 797-8715

SOURCE Associated Estates Realty Corporation

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