Daily News: July 9, 2013

Forest City Increases Facility, Adds Citibank to Bank Group

Forest City Enterprises announced that it exercised the accordion feature of its existing revolving credit agreement and increased the total size of the facility to $500 million.

The expansion reflects the addition of Citibank to the bank group, as well as increased commitments from KeyBank and PNC Bank, both of which were already part of the facility.

“This expansion of our credit facility will give us additional flexibility in operating our business,” said David J. LaRue, Forest City president and chief executive officer. “It also reflects the continuing confidence of our bank group in the company and its strategic direction. We are grateful for their continued support and commitment.”

Forest City Enterprises is a national real estate company principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the U.S.