Glimcher Finances Colonial Park Mall
COLUMBUS, Ohio, April 23 /PRNewswire-FirstCall/ -- Glimcher Realty Trust (NYSE:GRT) announced today that it had recently completed a $42.25 million mortgage loan financing on Colonial Park Mall located in Harrisburg, PA. The new loan has a three-year maturity and a floating interest rate of LIBOR plus 1.65% per annum with no principal amortization. The loan was originated by U.S. Bank National Association. The Company has swapped to an all-in fixed rate of 4.97% on the loan for the first two years. Net proceeds from the financing were used to pay down outstanding borrowings on its credit facility. The new loan replaces the previous $32 million financing on the property that matured and was repaid in October 2007.
About Glimcher Realty Trust Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the 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," respectively. 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. Visit Glimcher at: www.glimcher.com First Call Analyst:
CONTACT: Lisa A. Indest, Vice President, Finance and Accounting of Web site: http://www.glimcher.com/
2008-04-23 18:27:04 0343793 PRNEWSWIRE
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