CINCINNATI - Phillips Edison-ARC ShoppingCenter REIT Inc., through Phillips Edison-ARC Shopping CenterOperating Partnership LP, said it entered into a $40 million seniorsecured revolving credit facility with KeyBank NA that includes anaccordion feature of up to $250 million.

This credit facility may be used in conjunctionwith the existing $10 million unsecured line of credit the companyclosed with KeyBank in July 2012. The credit facility matures Dec. 24, 2015,and has two 12-month extension options which if exercisedwould extend the maturity until December 2017. The company said in a press release that it willuse the credit facility "to finance the acquisition ofwell-occupied grocery-anchored neighborhood shopping centers havinga mix of national, credit worthy retailers selling necessity-basedgoods and services in strong demographics markets throughout theUnited States." The credit facility will let the company pickloans priced at either LIBOR plus a margin ranging from 200 to 300basis points depending on the company's overall leverage, or at abase rate of the greater of the prime rate announced by KeyBankfrom time to time or the federal funds effective rate, plus amargin ranging from 100 to 200 basis points depending on the firm'soverall leverage. As of Dec. 24, there were no borrowingsoutstanding under the credit facility. Phillips Edison-ARC Shopping Center REIT is apublic non-traded REIT co-sponsored by Phillips Edison & Co.,which has acquired shopping centers throughout the U.S. worth morethan $18 billion, and AR Capital LLC, a real estate investmentprogram sponsor dedicated to governance best practices. As of Dec. 24, Phillips Edison-ARC owned,directly or indirectly through a joint venture in which it has acontrolling interest, and managed an institutional quality retailportfolio consisting of 23 grocery-anchored shopping centerstotaling about 2.2 million square feet. The centers are locatedacross the United States and include the Kroger-anchored RichmondPlaza in Augusta, GA, and the Publix at Northridge, in Sarasota,FL, anchored by Publix. In October, the company acquired New PragueCommons, a 59,948 square foot shopping center anchored by aCoborn's grocery store and located in New Prague, MN, a suburb ofMinneapolis-St. Paul.