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CLEVELAND-Developers Diversified Realty has paid off the outstanding amounts on its revolving credit facilities with a secured loan with Key Bank and Bank of America. The secured term loan matures in June 2008 with two one-year extensions. The initial amount of the loan is $220 million. The agreement includes an accordion feature that allows for a future increase to $400 million. The interest rate is based on grid pricing determined by the company's corporate credit ratings from S&P and Moody's. The interest rate on the loan is currently 0.85% over LIBOR.Developers Diversified owns or manages approximately 108 million sf in 470 operating and development retail properties nationwide.

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