JDN received a $150 million term loan at 4.62% and $150 million credit line that replaces its $100 million secured term loan and $175 million secured line of credit, set to mature June 14.
Proceeds from the new credit facility will be used to repay $210 million outstanding under the existing term loan and line of credit, according to the company's statement.
The lenders are Fleet National Bank, administrative agent; Bankers Trust Co., syndication agent; Comerzbank, A.G., documentation agent; Wells Fargo Bank, First Bank, Keybank , FNC Bank, SouthTrust Bank and First Tennessee Bank.
The company's statement says the funds will be used for shopping center development, working capital and general corporate purposes and "marks another milestone on the path of recovery" for the firm, which experienced a lackluster 2000 after reporting a lower than expected FFO and net income.
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