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Cedar Extends Debt

Real estate investment trust Cedar Shopping Centers Inc. said Monday it has extended the date by which it must pay back its $300 million secured revolving credit facility through January 2010.

The facility, which is expandable to $400 million, is syndicated by a nine-member bank group led by Bank of America Corp. About $42 million remains available for borrowing on the credit facility.

The extension eliminates any debt maturities until 2010 for the REIT. The company also expects to arrange another extension beyond 2010 or a new three-year facility for its stabilized properties.

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