Phillips Edison Announces Refinancing of Revolving Credit Facility

CINCINNATI, Dec. 16, 2011 /PRNewswire/ -- Phillips Edison & Company today announced that it has successfully amended a secured credit facility held by Phillips Edison Shopping Center Fund III ("Fund III").  The credit facility was originated in December 2010 and is secured by 54 properties located throughout the United States.  Bank of America is the Administrative Agent and sole Lead Arranger of the facility.

The facility was amended to remove certain principal acceleration payments and reduce the interest rate. The $211.4 million facility matures on December 23, 2013.

"We appreciate the support of our lending relationships in the amendment of this facility," stated Richard J. Smith, Chief Financial Officer of Phillips Edison & Company.  "Fund III reduced leverage significantly this year, and we are pleased that this progress was recognized by the bank group."

Phillips Edison & Company specializes in the acquisition, redevelopment, leasing and management of grocery-anchored neighborhood and community shopping centers.  The company's portfolio includes more than 240 properties, totaling approximately 26 million square feet in 35 states.  The privately owned, fully integrated real estate company has corporate offices in Cincinnati and Salt Lake City, as well as regional offices across the country.

SOURCE Phillips Edison & Company

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