Revolver Covenants Blocking Second DDR TALF Bid December 18, 2009

Corporate revolver covenants are holding up Developers Diversified Realty's second commercial mortgage backed securitization, with the Beachwood, Ohio-based real estate investment trust reportedly needing a waiver from its primary lenders before it has access to any more secured debt.
DDR has about $800 million in two outstanding revolvers. Covenants in the revolvers already allow for an aggregate capacity ...

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