Associated Estates Closes $125 Million Unsecured Term Loan

CLEVELAND, June 6, 2011 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced today that it closed on a $125 million unsecured, five year term loan.  Proceeds from the term loan will be used to pay down borrowings outstanding on the Company's $250 million unsecured line of credit and for general corporate purposes.  

PNC Bank, National Association is the Administrative Agent and PNC Capital Markets LLC is Lead Arranger of the term loan.  Wells Fargo Bank, N.A. is the Syndication Agent.  The other participating banks in the term loan are US Bank, N.A. (Documentation Agent), Raymond James Bank, FSB, RBS Citizens, N.A., and Citibank, N.A.

"This term loan is consistent with our strategic objective of further enhancing the Company's financial flexibility," said Lou Fatica, chief financial officer.  "We were able to maximize our borrowing capacity on an unsecured basis, at attractive spreads," Fatica added.

Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000 and the MSCI US REIT Index. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 52 properties containing 13,662 units located in eight states. For more information about the Company, please visit its website at www.AssociatedEstates.com.

For more information, please contact:

Jeremy Goldberg
(216) 797-8715

SOURCE Associated Estates Realty Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED