Entertainment Properties Trust Reports Credit Facility Changes

Entertainment Properties Trust announced the closing of an amended and restated $215 million revolving credit facility to replace the existing revolving credit facility that was set to mature in January 2010.

Commenting on the transaction, Chief Executive Officer, David Brain said, "We are pleased to announce our amended and restated $215 million credit facility, executed with attractive terms in a very difficult commercial real estate finance market. This facility speaks to our bank groups' confidence in the company, the quality of our assets and the strength of the movie exhibition business, our primary tenant industry."

The amended and restated facility is priced at LIBOR plus 3.5 percent with a 2.0 percent LIBOR floor and matures in October 2011, with an option to extend the maturity date to October 2012. The new terms also include an accordion feature to increase the facility by $85 million. The balance drawn on the amended and restated facility at closing was $116 million.

Mark Peterson, the company's Chief Financial Officer, said, "This facility fortifies our already strong balance sheet and further enhances our liquidity as we have only $56 million of consolidated debt maturities prior to 2012 when we take into account our extension options. The terms of this new agreement also enhance the company's ability to take advantage of attractive real estate acquisition opportunities."

KeyBanc Capital Markets, JP Morgan Securities and RBC Capital Markets served as joint lead arrangers and book managers for the facility. Keybank National Association served as administrative agent, and JP Morgan Chase Bank and RBC Capital Markets served as syndication agents for the facility.

Entertainment Properties Trust is a real estate investment trust (REIT) that develops, owns, leases, and finances properties for consumer-preferred, high-quality businesses.

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