/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
Toronto, Ontario, January 4, 2010 /CNW/ - Gazit America Inc. ("Gazit America" or the "Company") (TSX: GAA) is pleased to announce that its U.S. subsidiaries and primary U.S. lender have agreed to extend the maturity date of its existing term loans and US$25 million revolving term credit facility to January 1, 2013. Spreads over LIBOR remain unchanged at 280 basis points on the term loan and 250 basis points on the revolving term credit facility. All other significant terms also remain unchanged.
Roni Soffer, the Company's Vice-Chair and interim CEO commented, "We are pleased to have completed this agreement as it provides us with certainty over a large amount of our existing financing and considerable flexibility to pursue growth initiatives."
In addition, a U.S. subsidiary of Gazit America has exercised its option to extend the maturity date of a US$8.4 million term loan bearing interest at LIBOR plus 140 basis points to April 3, 2011.
Mr. Soffer continued, "With these extensions, I believe the Company now has an excellent debt maturity profile with no debts maturing in 2010 and less than 10% of total debt outstanding maturing before the end of 2012."
ABOUT GAZIT AMERICA (TSX: GAA)
Gazit America is focused on entrepreneurial real estate opportunities including the acquisition and development of income-producing properties, investments in public and private real estate entities, investments in joint ventures and other structured acquisitions and investments in commercial and residential mortgage-backed securities. Gazit America currently owns approximately 16% of Equity One, Inc. (NYSE: EQY), a US real estate investment trust, and two properties comprised of five medical office buildings totalling approximately 115,000 square feet of rentable space located in Cambridge and London, Ontario.
SOURCE Gazit America Inc.
For further information: For further information: Roni Soffer, Vice-Chair & interim C.E.O., or David Dinniwell, C.F.O., Gazit America Inc., 109 Atlantic Avenue, Suite 303, Toronto, Ontario, Canada, M6K 1X4, Tel: (416) 447-6400, Fax: (416) 447-6488, www.gazitamerica.com