Grubb & Ellis (GBE) Amends Credit Facility
Grubb & Ellis Company (NYSE: GBE) announced that the company and its lead bank, Deutsche Bank Trust Company Americas, have amended the company's senior secured credit facility effective September 30, 2009.
The amendment provides a 60-day extension and defers until November 30, 2009, the $27.3 million Partial Prepayment of the facility originally due on September 30, 2009. The amendment also gives the company a one time right to prepay the facility in full for a reduced principal amount equal to approximately 65 percent of the aggregate principal amount outstanding at the time of prepayment. The amendment allows for a one-time infusion of $5 million from the company's largest stockholder, or affiliate thereof, that may be used for working capital purposes.
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