Pennsylvania Real Estate Investment Trust, Philadelphia, has reported an amendment to its $500 million credit facility that lowers the interest rate range from 1.05%-1.55% to 0.95%-1.40%.The amendment also modified certain financial covenants, reducing the minimum interest coverage and total debt ratios and allowing for an increase in joint venture investments, the REIT said. The term of the amended facility will end Jan. 20, 2009, with an option to extend for 14 months under certain conditions. The shopping center REIT can be found online at http://www.preit.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry