PREIT Restructures $490M Facility

Pennsylvania Real Estate Investment Trust (PREIT) has revised and extended a $490 million credit facility with its bank led by Well Fargo.

Pennsylvania Real Estate Investment Trust (PREIT) has revised and extended a $490 million credit facility with its bank led by Well Fargo. The REIT has also refinanced the mortgage loans on two power center properties. The amendment increases the revolving portion of the facility by $100 million and extends the term of the facility by one year to March 10, 2014. The proceeds will be used to repay previous mortgage loans of about $56 million on the two properties.

Click here for the release from Business Wire.