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Cogdell Spencer Inc. Announces Merger with Marshall Erdman and Associates
Date:1/23/2008

l estate company with:
-- Over 600 employees;

-- 2007 combined revenue of approximately $365 million; and

-- The combined company has developed or constructed:

-- 1,500 medical office buildings;

-- 160 multi-specialty medical facilities;

-- 700 specialty centers;

-- 135 ambulatory surgery centers; and

-- 1,000 rural hospitals and health centers in all 48 continental

states.

"By serving an expanded client base, we believe this merger will create significant shareholder value over the long term," said Spencer.

Scott Ransom, President and CEO of Marshall Erdman and Associates will continue to lead Erdman, reporting to Spencer. Management will otherwise remain unchanged in both firms.

"Erdman was seeking a strategic partner in healthcare real estate and selected Cogdell Spencer, a pioneer in healthcare development, physician ownership, and asset and property management," said Ransom. "In partnering with Cogdell Spencer, we have positioned the company for continued growth through expansion of services and strengthening of client relationships."

Cogdell Spencer will finance the acquisition through the following sources:
-- A $100 million term loan arranged by KeyBank National Association with

participation from Bank of America, N.A., Branch Banking and Trust

Company, M&I Marshall & Ilsley Bank and Wachovia Bank, N.A.;

-- An $85 million rollover of equity held by Marshall Erdman's principal

shareholders (Baird Capital Partners and Lubar & Co.) and members of

its management team; and

-- Borrowings under a new $150 million secured line of credit arranged by

Bank of America, N.A. with participation from KeyBank National

Association, Branch Banking and Trust Company, M&I Marshall & Ilsley

Bank and Wachovia Bank, N.A.

Separately, Cogdell Spencer announced today that it has pri
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SOURCE Cogdell Spencer Inc.
Copyright©2008 PR Newswire.
All rights reserved

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