Cedar Realty Trust Announces It Now Has No Debt Maturities Until 2021

PORT WASHINGTON, N.Y., Sept. 13, 2017 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) (the "Company") announced the extension of its unsecured corporate credit facility and the extension and repricing of various unsecured term loans. "By proactively addressing our debt maturities, we are now in the enviable position of having no debt maturities until 2021," commented Philip Mays, Chief Financial Officer.

The Company's pro-forma debt maturities as of June 30, 2017 reflecting these amendments, are as follows (in thousands):

The Company's amended $300 million credit facility consists of a $250 million revolving credit facility now maturing September 8, 2021 and a $50 million term loan now maturing September 8, 2022.  The revolving credit facility may be extended, at the Company's option, for an additional one-year period, subject to customary conditions. There was no change in the pricing of the corporate credit facility.

In addition, the Company amended the terms of four of its existing unsecured term loans, as follows: (i) the $75 million term loan originally scheduled to mature February 11, 2019 has been extended to September 8, 2024 and repriced from LIBOR plus 130 basis points to LIBOR plus 170 basis points to reflect the increase in duration as of the amendment; (ii) the $50 million term loan originally scheduled to mature February 5, 2020 has been extended to September 8, 2022 with no change in pricing; (iii) pricing on the $75 million term loan scheduled to mature February 11, 2021 has been decreased from LIBOR plus 170 basis points to LIBOR plus 130 basis point to reflect the decrease in duration from the original issuance date; and (iv) pricing has been decreased on the $50 million term loan scheduled to mature February 5, 2022 from LIBOR plus 155 basis point to LIBOR plus 130 basis points to reflect the decrease in duration from the original issuance date. No amendment was made to the $100 million term loan scheduled to mature April 26, 2023.

The amended credit facility and term loans require compliance with various covenants and restrictions, and interest rates are subject to adjustment within a pricing grid based on the Company's leverage ratio.

The Company's bank group for its amended $300 million credit facility includes KeyBank National Association, as Administrative Agent, and Bank of America, N.A., as Syndication Agent. Capital One, N.A., Manufacturers and Traders Trust Company and Regions Bank acted as Co-Documentation Agents. Other banks in the syndicate include TD Bank, N.A., and Raymond James Bank, N.A.

The Company's bank group for its amended term loans includes KeyBank National Association, as Administrative Agent, and Capital One, N.A., Regions Bank, and Manufacturers and Traders Trust Company as Co-Lead Arrangers. Other banks included TD Bank, N.A., as Documentation Agent, Bank of America, N.A., BB&T Capital Markets, and Raymond James Bank, N.A.

About Cedar Realty Trust

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company's portfolio (excluding properties treated as "held for sale") comprises 61 properties, with approximately 9.0 million square feet of gross leasable area.

Forward-Looking Statements

Statements made in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as it may be updated or supplemented in the Company's Quarterly Reports on Form 10-Q and the Company's other filings with the SEC, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements.

Contact Information:
Cedar Realty Trust, Inc.
Investor Relations
Philip Mays
(516) 944-4572

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SOURCE Cedar Realty Trust, Inc.