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Fitch Rates Entertainment Properties Trust's Unsecured Revolver and Sr. Unsecured Notes 'BBB-'

^{Published on 2010-06-28 13:05:28 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned the following debt obligation ratings to Entertainment Properties Trust (NYSE: EPR):

--Senior unsecured revolving credit facility 'BBB-';

--Senior unsecured notes 'BBB-'.

EPR's $320 million senior unsecured revolving credit facility matures in December 2013. EPR's $250 million 7.75% senior unsecured notes are due in July 2020 and were priced at 98.29% of their face amount to yield 8% to maturity. EPR will use net proceeds from the note offering and the new unsecured revolving credit facility to repay in full certain of EPR's existing secured debt credit facilities and to pay fees and expenses associated with the early repayment of such facilities.

For additional information regarding Fitch's ratings for EPR, please refer to Fitch's June 24, 2010 press release, 'Fitch Assigns Initial 'BBB-' IDR to Entertainment Properties Trust; Outlook Stable,' available at '[ www.fitchratings.com ]'.

Entertainment Properties Trust is a real estate investment trust (REIT) based in Kansas City, Missouri with $2.9 billion in undepreciated book assets and a market capitalization of $3.5 billion as of March 31, 2010. EPR's portfolio includes megaplex movie theatres and entertainment retail centers, as well as other recreational and specialty investments.

Relevant criteria available on the Fitch website at '[ www.fitchratings.com ]' include:

--'Criteria for Rating U.S. Equity REITs and REOCs' (April 16, 2010);

--'Equity Credit for Hybrids & Other Capital Securities - Amended' (Dec. 29, 2009);

--'Rating Hybrid Securities' (Dec. 29, 2009);

--'Recovery Rating and Notching Criteria for REITs' (Dec. 23, 2009);

--'Corporate Rating Methodology' (Nov. 24, 2009);

--'Evaluating Corporate Governance' (Dec. 12, 2007).

Additional information is available at '[ www.fitchratings.com ]'.

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