CLEVELAND, April 22, 2011 /PRNewswire/ -- Forest City
Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it
has exercised the accordion feature of its revolving credit
facility, bringing the facility to the maximum $450 million commitment. The expansion adds
a 14th lender to the facility, and also reflects increased
commitments from two existing banks in the group. The
three-year facility, with an additional one-year extension option,
originally closed on March 30, 2011,
at $425 million.
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"We are pleased to bring our new line of credit to its full
target commitment level, and grateful for the support and
confidence from our lenders that this expansion reflects," said
Charles A. Ratner, Forest City
president and chief executive officer. "The new line has more
favorable pricing and covenants, as well as a longer term with an
extension option. It is one piece of our ongoing efforts to
manage corporate recourse debt, improve our liquidity and balance
sheet, and position the company to take advantage of future growth
opportunities."
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real
estate company with $11.8 billion in
total assets. The Company is principally engaged in the ownership,
development, management and acquisition of commercial and
residential real estate and land throughout the United States. For more information, visit
www.forestcity.net.
Safe Harbor Language
Statements made in this news release that state the Company's or
management's intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. The
Company's actual results could differ materially from those
expressed or implied in such forward-looking statements due to
various risks, uncertainties and other factors. Risks and factors
that could cause actual results to differ materially from those in
the forward-looking statements include, but are not limited to, the
impact of current lending and capital market conditions on our
liquidity, ability to finance or refinance projects and repay our
debt, the impact of the current economic environment on our
ownership, development and management of our real estate portfolio,
general real estate investment and development risks, vacancies in
our properties, further downturns in the housing market,
competition, illiquidity of real estate investments, bankruptcy or
defaults of tenants, anchor store consolidations or closings,
international activities, the impact of terrorist acts, risks
associated with an investment in a professional sports team, our
substantial debt leverage and the ability to obtain and service
debt, the impact of restrictions imposed by our credit facility and
senior debt, exposure to hedging agreements, the level and
volatility of interest rates, the continued availability of
tax-exempt government financing, the impact of credit rating
downgrades, effects of uninsured or underinsured losses, effects of
a downgrade or failure of our insurance carriers, environmental
liabilities, conflicts of interest, risks associated with the sale
of tax credits, risks associated with developing and managing
properties in partnership with others, the ability to maintain
effective internal controls, compliance with governmental
regulations, increased legislative and regulatory scrutiny of the
financial services industry, volatility in the market price of our
publicly traded securities, inflation risks, litigation
risks, as well as other risks listed from time to time in the
Company's SEC filings, including but not limited to, the Company's
annual and quarterly reports.
SOURCE Forest City Enterprises, Inc.