ONE LIBERTY PROPERTIES, INC.
EXHIBIT
99.1
ONE
LIBERTY PROPERTIES, INC.
00 Xxxxxx
Xxxx Xxxx
Suite
303
Great
Neck, New York 11021
Telephone
(000) 000-0000
Telecopier
(000) 000-0000
xxx.xxxxxxxxxxxxxxxxxxxx.xxx
ONE
LIBERTY PROPERTIES, INC.
ENTERS
INTO AN AMENDED AND RESTATED LOAN AGREEMENT
Great
Neck, New York – May 26, 2010 - One Liberty Properties, Inc. (NYSE: OLP)
announced today that is has entered into an amended and restated loan agreement,
dated as of March 31, 2010, with VNB New York Corp., Bank Leumi USA,
Manufacturers and Traders Trust Company and Israel Discount Bank of New
York. The amended and restated loan agreement reduces One Liberty’s
permitted borrowings from $62.5 million to $40 million, extends the maturity
date to March 31, 2012, and increases the interest rate to the greater of 90-day
LIBOR plus 3% or 6% per annum. There is currently $27 million
outstanding under this credit facility.
Xxxxxxx
X. Xxxxxx, Xx., President and Chief Executive Officer of One Liberty, commented
that, “we are pleased that our lending group has shown confidence in our
Company.” In addition, Xx. Xxxxxx stated, “the execution of the
agreement is a great benefit to us since it enhances our ability to acquire
additional properties and expand our portfolio.”
One
Liberty Properties is a real estate investment trust that invests primarily in
improved commercial real estate under long term net leases.
Certain
information contained in this press release, together with other statements and
information publicly disseminated by One Liberty Properties, Inc. is forward
looking within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of 1934, as
amended. We intend such forward looking statements to be covered by
the safe harbor provision for forward looking statements contained in the
Private Securities Litigation Reform Act of 1995 and include this statement for
the purpose of complying with these safe harbor
provisions. Information regarding certain important factors that
could cause actual outcomes or other events to differ materially from any such
forward looking statements appear in the Company's filings with the Securities
and Exchange Commission. You should not rely on forward looking
statements since they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond our control and which could materially
affect actual results, performance or achievements.
|
Contact:
|
Xxxxx
X. Xxxxxx
|
(000) 000-0000
