SANTA ANA, CA (May 26, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company and its lead bank, Deutsche Bank Trust Company Americas, have amended the company’s senior secured credit facility.“We are pleased that we have been able to amend our credit facility, particularly in the current environment, which we believe is an endorsement of the company’s strength, resilience and growth strategy,” said Gary H. Hunt, (top right photo) the company’s interim chief executive officer.
The amendment, entered into on May 20, 2009 and effective as of May 18, 2009, modifies the amount, terms, length and certain other provisions of the facility, and imposes various conditions on the company.
These conditions, as well as other material provisions of the amended credit facility, are described in the company’s Annual Report on Form 10K that will be filed later in the day with the Securities and Exchange Commission. Under the new structure, the $67.3 million maximum aggregate credit facility includes a $29.3 million revolving line of credit and a $38 million term loan.
The facility will remain in effect until March 31, 2010, and may be extended until January 5, 2011 under certain conditions, subject to early termination in certain circumstances.Contact: Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com