The new line of credit has an extended maturity to May 2006 and provides for a competitive bid option for up to 50% of the facility amount. CNLR was able to reduce the facility's interest rate to LIBOR, plus 100 basis points.

"Maintaining borrowing capacity and financial flexibility, while reducing pricing and renewing this facility several months early is an important accomplishment for the company," says CNLR executive vice president and chief financial officer Kevin B. Habicht. He says the banks' decision to upgrade the facility shows they have "continued support and confidence in the company."

Wachovia Securities Inc. acted as the sole lead arranger and book manager for the facility. Titled agents were Wachovia Bank NA, administrative agent; Wells Fargo Bank NA, syndication agent; and AmSouth and SunTrust Bank, documentation agents.