UPDATE 1-Maguire extends debt maturity on construction loan

* Extends maturity date to Sept. 30

* Settles swap obligation for $11.3 mln

June 18 (Reuters) - Maguire Properties Inc (MPG.N) said it extended the debt maturity on a construction loan for the Lantana Media Entertainment Campus located in Santa Monica, California, to Sept. 30.

The office real estate investment trust said the outstanding balance of the loan as of the extension date was about $84 million, and that it can extend the maturity date further to June 13, 2010, based on certain conditions.

Maguire also said it reached an agreement with its counterparty to terminate a forward-starting interest rate swap for $11.3 million.

The swap was purchased to hedge the interest rate on permanent financing for its Lantana Media Campus construction loan, the REIT said.

As of March 31, the termination value of the swap, which had a mandatory early termination date of Sept. 19, was a liability of $22.9 million, Maguire said.

Earlier this week, Maguire said the company and its joint venture partner were at the risk of a possible payment default on its commercial mortgage-backed securities loan covering its Quintana Campus in Irvine, California. [ID:nBNG446843]

Shares of the company were up 1 cent at $1.31 in early morning trade Thursday on the New York Stock Ecxhange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Anne Pallivathuckal)