Cedar Shopping Centers Boosts LOC

Cedar Shopping Centers Inc., Port Washington, N.Y., has increased its $140 million secured revolving credit facility to $200 million and extended its maturity to 2008.The real estate investment trust said the facility includes an accordion feature that has been increased from $200 million to $300 million. The interest rate has been reduced from a range of 150-205 basis points over the London interbank offered rate to 120-165 bps over LIBOR, the REIT reported. Banc of America was the lead arranger of an eight-member syndicate that provided the facility. Cedar Shopping Centers is focused on shopping centers anchored by supermarkets and convenience centers anchored by drug stores. The REIT can be found on the Web at http://www.cedarshoppingcenters.com.