Grubb & Ellis amends senior credit agreement

Grubb & Ellis amends senior credit facility in part to defer partial prepayment of $27.3M

• On 1:59 pm EDT, Thursday October 1, 2009

SANTA ANA, Calif. (AP) -- Grubb & Ellis Co. said Thursday that it amended a senior secured credit agreement in part to defer a partial prepayment of $27.3 million until Nov. 30.

The prepayment was initially due on Wednesday, the real estate services and investment company said.

The amendment also provides a 60-day extension; allows a one-time $5 million payment from its biggest shareholder for working capital purposes and gives Grubb & Ellis a one-time right to prepay the credit facility in full for a lower principal amount equal to about 65 percent of the outstanding principal amount at the time the prepayment is made.

Shares of Grubb & Ellis fell 27 cents, or 16.3 percent, to $1.42 in afternoon trading. The stock has traded in a 52-week range of 25 cents to $2.88.