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PORT WASHINGTON, NY-Cedar Shopping Centers has closed on the renewal of a $265-million secured revolving credit facility, the locally based REIT announced Tuesday. The facility is for a two-year period ending Jan. 31, 2012, with a one-year extension at Cedar’s option. It also has an accordion feature that allows expansion to $400 million.

CFO Larry Kreider says in a release that the newly-extended facility provides Cedar with “the ability to seek acquisitions of additional attractive properties, especially in the context of our joint venture arrangements with RioCan, the proceeds of which will further reduce the amounts drawn under our credit facilities. This will also permit us to continue to execute on our development pipeline.”

The JV with RioCan, which was announced late last month, entails Toronto-based RioCan to acquire up to 15% ownership of Cedar’s common stock. On Oct. 30, the two REITs closed on a private placement of 6.6 million shares of Cedar stock at $6 per share.

The interest rate on the credit facility is Libor with a floor of 200 basis points plus 3.5%, and the loan is secured by 35 properties. Kreider notes in the release that Cedar has no further debt maturities this year and only $9 million worth of maturities in 2010. In 2011, the company has a $21-million loan maturing.

Joint lead arrangers for the credit facility are Bank of America Securities, KeyBank National Association, Manufacturers and Traders Trust Company and Regions Capital Markets. Other members of the syndicated facility include Raymond James Bank, FSB, Bank of Montreal, Citizens Bank of Pennsylvania and Royal Bank of Canada.

In other news, Cedar earlier this month announced the opening of two Giant Eagle supermarkets in Pennsylvania, the first units of the grocery chain in Cedar’s portfolio. Giant Eagle also signed an 83,600-square-foot ground lease at Cedar’s Townfair Center in Indiana, PA. The company’s third-quarter results, announced Oct. 28, reflected what CEO Leo Ullman called “the continued strength of our company’s ‘bread and butter’, primarily supermarket-anchored, shopping centers.”

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