SECOND AMENDED AND RESTATED LOAN AGREEMENTLoan Agreement • May 27th, 2010 • One Liberty Properties Inc • Real estate investment trusts • New York
THIS SECOND AMENDED AND RESTATED LOAN AGREEMENT made as of the 31st day of March, 2010 between VNB New York Corp., as assignee of Valley National Bank, Merchants Bank Division (“VNB”), a New York corporation having an office at 275 Madison Avenue, New York, NY 10016, Bank Leumi USA (“Leumi”), having an office at 562 Fifth Avenue, New York, New York 10036, Israel Discount Bank of New York (“IDB”), having an office at 511 Fifth Avenue, New York, New York 10017, Manufacturers and Traders Trust Company (“M&T”), having an office at 350 Park Avenue, New York, New York 10022 and One Liberty Properties, Inc., a Maryland corporation, having its principal place of business at 60 Cutter Mill Road, Suite 303, Great Neck, New York 11021 (the “Borrower”).
ONE LIBERTY PROPERTIES, INC.Loan Agreement • May 27th, 2010 • One Liberty Properties Inc • Real estate investment trusts
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.
