Developers Diversified Realty Corp. (DDR), a leading real estate investment trust (REIT), has recently refinanced two senior revolving credit facilities in two separate transactions to strengthen its liquidity and reduce its refinancing risks. Both the new revolving credit facilities are currently priced at LIBOR plus 275 basis points. Developers Diversified has replaced a $1.25 billion credit facility maturing in June 2011 with a new $950 million unsecured facility provided by J.P. Morgan Securities LLC, a division of JPMorgan Chase & Co. (JPM), and Wells Fargo Securities, LLC, part of Wells Fargo & Company (WFC). The new facility has an uncommitted accordion feature to increase the credit facility to $1.2 billion and matures in February 2014. The company also obtained a new $65 million unsecured revolving credit facility, which replaced its
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