NEW YORK, Aug. 28 /PRNewswire-FirstCall/ -- New Plan Excel Realty Trust, Inc. today announced that it has renewed its $350 million Senior Unsecured Revolving Credit Facility (the Revolver) and added an accordion feature to increase the facility, at the Company's option, up to $500 million. The Revolver bears interest at LIBOR plus 55 basis points (based on the Company's current credit ratings) and incurs an annual facility fee of 15 basis points, resulting in an aggregate 15 basis point reduction in the effective interest rate of the Revolver. The Revolver is scheduled to mature on August 25, 2010, with a one-year extension option. Concurrently with the renewal of the Revolver, the Company also renewed its $150 million Senior Secured Term Facility (the Term Loan). The Term Loan bears interest at LIBOR plus 55 basis points (based on the Company's current credit ratings), which represents a 30 basis point reduction in the effective interest rate of the Term Loan, and is scheduled to mature on August 25, 2010.
Bank of America, N.A. acted as Administrative Agent in both facilities, with The Bank of New York acting as Co-Syndication Agent in the Revolver and Syndication Agent in the Term Loan. For the Revolver, Keybank National Association acted as Co-Syndication Agent, and J.P. Morgan Chase Bank, N.A. and SunTrust Bank acted as Co-Documentation Agents. SunTrust Bank acted as Documentation Agent in the Term Loan. Banc of America Securities LLC and BNY Capital Markets, Inc. were Joint Lead Arrangers for both facilities.
New Plan is one of the nation's largest real estate companies, focusing on the ownership, management and development of community and neighborhood shopping centers. The Company operates as a self-administered and self-managed REIT, with a national portfolio of 480 properties, including 175 properties held through joint ventures, and total assets of approximately $3.4 billion. The properties are strategically located across 39 states and include 463 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 67.9 million square feet of gross leasable area, and 17 related retail real estate assets, with approximately 1.1 million square feet of gross leasable area. For additional information, please visit http://www.newplan.com/.
Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national or local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; financing risks; possible future downgrades in our credit ratings; property ownership / management risks; the level and volatility of interest rates and changes in capitalization rates with respect to the acquisition and disposition of properties; financial stability of tenants; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition, disposition, development and joint venture risks, including risks that developments and redevelopments are not completed on time or on budget; governmental approvals, actions and initiatives; potential environmental and other liabilities; and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2005, which discuss these and other factors that could adversely affect the Company's results.
