DDR Amends $650MM Credit Facility

Developers Diversified Realty, Cleveland, has amended the terms of its $650 million unsecured credit facility, extending it from May 30, 2005, to May 30, 2006.The facility now bears an interest rate of 80 basis points above the London interbank offered rate, compared with the previous rate of LIBOR plus 100 bps, as well as continuing to offer "a competitive bid option for up to 50% of the facility amount," the real estate investment trust said. The line of credit could be increased from $650 million to $1 billion at DDR's option, the retail REIT said. Banc One Capital Markets is the lead arranger on the facility.