JDN Refis Credit Facility

JDN Realty Corp., Atlanta, has refinanced its $300 million secured credit facility, consisting of a $150 million term loan and a $150 million line of credit, and closed on a commitment for a $50 million unsecured term loan.Borrowings under the credit facility will bear interest rates ranging from 212.5 to 225.0 basis points above the London interbank offered rate through March 14, 2003, after which the LIBOR spread will increase by 25 bp, JDN said. The facility will mature on Jan. 1, 2004, or the closing of the pending merger between JDN and Developers Diversified Realty Corp., whichever is earlier. The $50 million unsecured loan will bear interest at 400 bp over LIBOR until Sept. 30, 2003, after which the spread will climb to 550 bp. The secured facility is led by Fleet National Bank, as administrative agent, Deutsche Bank Trust Co. Americas, as syndication agent, and Commerzbank AG, as documentation agent. The commitment for the unsecured loan is led by Fleet. JDN can be found online at http://www.jdnrealty.com.