COLUMBUS, OH, Oct. 10 /PRNewswire-FirstCall/ -- Glimcher Realty Trust (NYSE:GRT) announced today that it has completed a $40 million mortgage loan financing of Morgantown Mall (middle right photo) located in Morgantown, WV. The new loan has a term of five years comprised of an initial three-year maturity with two, one-year extension options.
The loan is 50% recourse with a floating interest rate of LIBOR plus 3.50% per annum. Net proceeds from the financing along with available capaci
ty on the Company's credit facility will be used to pay off the existing $51 million mortgage on Morgantown Mall and Morgantown Commons. The Company is in the process of securing financing for the Morgantown Commons.
ty on the Company's credit facility will be used to pay off the existing $51 million mortgage on Morgantown Mall and Morgantown Commons. The Company is in the process of securing financing for the Morgantown Commons.The Company also announced that it expects to close within the next several weeks on a $40 million mortgage loan financing of Northtown Mall (top left photo) , located in Blaine, MN.
The new loan will have a term of four years comprised of an initial three-year maturity with a single one-year extension option. The loan will be 50% recourse with a floating interest rate of LIBOR plus 3.00% per annum with no principal amortization.
The net proceeds from the financing will be used to pay down outstanding borrowings on the Company's credit facility.
"As we have previously noted, the Company's near-term debt maturities are manageable and we are pleased with the progress we are making in executing our plans to address such maturities," stated Michael P. Glimcher, (top right photo) Chairman of the B
oard and CEO.
oard and CEO.Excluding the Eastland Charlotte loan for which discussions with the special servicer continue, the Company has now completed the refinancing of all its remaining debt maturities for 2008.
With respect to 2009 debt maturities, the Company plans to use the line of credit capacity created by the closing of the Northtown financing to address the repayment of its Grand Central Mall loan.
The $46 million Grand Central Mall loan represents the Company's most significant property debt maturity in 2009.
Other property mortgage debt maturing in 2009 includes loans on the Great Mall and Tulsa Promenade. (middle left photo)
The Great Mall is currently under contract for sale with closing scheduled for mid-Dece
mber of this year. The Company has already received 10% of the purchase price in the form of a non-refundable deposit from the prospective buyer.
mber of this year. The Company has already received 10% of the purchase price in the form of a non-refundable deposit from the prospective buyer. The Company also expects, if necessary, to have sufficient capacity available under its credit facility to address its $18.2 million pro-rata share of the Tulsa Promenade debt. The Company's credit facility is scheduled to mature in December of 2009 but does have a one-year extension provision at the option of the Company. No other debt maturities occur in 2009.
The Company expects to have a $315 million to $335 million outstanding balance on its credit facility as of December 31, 2008.About Glimcher Realty TrustGlimcher Realty Trust, a real estate investment trust, is a recognized leader in t
he ownership, management, acquisition and development of regional and super-regional malls.
he ownership, management, acquisition and development of regional and super-regional malls.Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT."
Glimcher Realty Trust's Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols "GRT-F" and "GRT-G," respectiv
ely. Glimcher Realty Trust is a component of both the Russell 2000(R) Index, representing small cap stocks, and the Russell 3000(R) Index, representing the broader market.
CONTACT: Lisa A. Indest of Glimcher Realty Trust, Vice President,Finance and Accounting, +1-614-887-5844, lindest@glimcher.com
ely. Glimcher Realty Trust is a component of both the Russell 2000(R) Index, representing small cap stocks, and the Russell 3000(R) Index, representing the broader market.CONTACT: Lisa A. Indest of Glimcher Realty Trust, Vice President,Finance and Accounting, +1-614-887-5844, lindest@glimcher.com
Web site: http://www.glimcher.com/
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