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February 6, 2008
Forest City in the News
BusinessWire, Forest City Announces Expanded Credit Facility
Forest City flexes its financial clout while the global credit market is in turmoil, in a press release:
Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced it has expanded its bank credit facility to $750 million by exercising the accordion feature of its existing revolving credit agreement.
The expansion represents a $150 million increase in the availability of the Company's credit facility while maintaining the existing interest rate structure. The transaction enhances Forest City's liquidity and financial flexibility, which will be instrumental in the continued development and acquisition of quality real estate assets. As of the January 31, 2008 fiscal year-end, there were no net borrowings under the credit facility.
Charles A. Ratner, president and chief executive officer, said, "This increased liquidity – even in the face of stressed credit markets – speaks to our ability to fund our robust development pipeline and to selectively and strategically take advantage of opportunities in the market. The expanded credit also reflects continuing support from our corporate bank group and the trust-based relationship we have with these institutions, including two additional banks that are new to our group with this expansion."
This was also reported by Reuters.
Brooklyn Daily Eagle, Downtown, Brownstone Brooklyn Development Boosts Realty Market
Several universities are considering major expansions in Brooklyn, including New York University and City Tech, which has chosen Forest City Ratner Companies as a development partner. “From an industry point of view, it’s great because it’s more demand for housing, and we need to continue to produce housing at all levels,” said Slattery.
Posted by lumi at February 6, 2008 5:08 AM