Forest City closes new $465 million revolving credit facility

David J. LaRue

CLEVELAND, OH  /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has closed a new, $465 million credit facility with a 14-member bank group.  The three-year facility, with an additional one-year extension option, allows for additional banks to join the group, up to a maximum line of $500 million.

"This new credit facility is another step in positioning Forest City to take advantage of opportunities in our core markets and products," said David J. LaRue, Forest City president and chief executive officer.

"The more favorable pricing and covenants also give us additional flexibility in managing our business.  We're gratified by the confidence and support shown by all of our member banks, and I want to thank our internal finance team, led by CFO Bob O'Brien, in achieving this great outcome."

Thirteen banks that were members of the company's prior bank group, along with one new bank, are part of the new facility. In addition, four member banks increased their commitments, compared with the prior facility. 

The facility also includes a provision allowing repurchase of up to $100 million of the company's Class A common stock over the term of the facility, in line with the share repurchase program announced by the company in December, 2012.

For a complete copy of the company’s news release, please contact:

 Robert O'Brien,

 Executive Vice President and

Chief Financial Officer,

+1-216-621-6060; or

Jeff Linton,

Senior Vice President  

Corporate Communication,

+1-216-621-6060

Web Site: http://www.forestcity.net