Glimcher Amends Credit Facility

Glimcher Realty Trust, Columbus, Ohio, has closed a three-year, $300 million unsecured credit facility.The initial interest rate on the amended facility is 1.15% over the London interbank offered rate, but the rate can range from 1.05% to 1.55% over LIBOR depending on the company's ratio of debt to total asset value. "When factoring in the improved LIBOR spread and the change in the annual facility fee, we would initially expect our all-in pricing to improve around 20 basis points under the amended facility," said Mark E. Yale Sr., vice president and chief financial officer of Glimcher. The sole lead arranger and administrative agent is KeyBank NA, and nine other banks are participants in the facility. Glimcher, a real estate investment trust specializing in the ownership, management, and development of malls, can be found on the Web at http://www.glimcher.com.