Back to GGP
GGP FINANCES $3.1 BILLION OF PROPERTY-LEVEL DEBT IN SECOND QUARTER

CHICAGO, July 2, 2012 /PRNewswire/ -- General Growth Properties, Inc. (NYSE:GGP) ("GGP") today announced $3.1 billion ($2.7 billion at share) of property-level financings during the second quarter 2012. The new mortgages have a weighted average interest rate and term of 4.20% and nine years, respectively, as compared to a rate of 5.24% and a remaining term-to-maturity of 3.9 years. In addition, the financings eliminated $640 million of recourse to GGP and eliminated the cross collateral provision between Fashion Show and The Grand Canal Shoppes/The Shoppes at The Palazzo. The transactions generated $329 million of net proceeds after repayment of existing mortgage notes. Information regarding each financing is provided below:

                                                                                                                                         Prior Loan Terms           New Loan Terms
                                                                                                                                         ----------------           --------------
    Mall                                                                          Location                                                 Balance                   Balance                      Rate                          Maturity Date                       Balance                   Balance                     Rate           Maturity Date
                                                                                                                                                                       @ Share                                                                                                                  @ Share
    ---                                                                                                                                      ---                                                                                                                      ---                                                            ---
    Provo Towne Centre                                                            Provo, UT                                                            $52                        $39                        5.75%                June 2012                                     $42                        $32                 4.53%       June 2017
    The Grand Canal Shoppes and The                                               Las Vegas, NV                                                        607                        607           4.17% (a)                                    May 2014/2017                      625                        625  4.24% (a)                  June 2019
     Shoppes at The Palazzo (a)
    Oakbrook Center                                                               Oakbrook, IL                                                         199                         95                        5.12%               October 2012                                   425                        203                 3.66%       July 2020
    Ala Moana Center                                                              Honolulu, HI                                                       1,293                      1,293                        5.59%                June 2018                                   1,400                      1,400                 4.23%      April 2022
    Harborplace & The Gallery                                                     Baltimore, MD                                                         61                         61                        7.89%                June 2014                                      82                         82                 5.24%       May 2022
    The Streets at Southpoint                                                     Durham, NC                                                           228                        215                        5.36%                April 2012                                    260                        245                 4.36%       May 2022
    Spokane Valley Mall                                                           Spokane Valley, WA                                                    52                         39                        5.75%                June 2012                                      63                         47                 4.65%       June 2022
    Florence Mall                                                                 Florence, KY                                                          90                         64                        4.95%              September 2012                                   90                         45                 4.15%       June 2022
    Greenwood Mall                                                                Bowling Green, KY                                                      -                          -                           -                     -                                          63                         63                 4.19%       July 2022
                                                                                                                                                    $2,582                     $2,413                        5.24%                                                           $3,050                     $2,742                 4.20%
                                                                                                                                                    ------                     ------                        ----                                                            ------                     ------                 ----

    (a) The prior loans for The Grand Canal Shoppes and The Shoppes at The Palazzo bore interest at 4.78% fixed and LIBOR + 300 basis points, respectively. The prior loan interest rate of 4.17% shown above represents a blended rate of the two loans. The new loan bears interest at a fixed rate of 4.24%.

As previously disclosed, GGP obtained a $1.0 billion corporate line of credit. The new facility has an uncommitted accordion feature for a total facility of up to $1.25 billion and a term of four years. The pricing of the facility is currently set at LIBOR plus 250 basis points and is determined by GGP's leverage level. In connection with the new facility, GGP terminated the $750 million corporate line of credit.

ABOUT GGP
General Growth Properties is a fully integrated, self-managed and self-administered real estate investment trust focused on owning, managing, leasing, and redeveloping regional malls throughout the United States and Brazil. The Company currently owns, or has an interest in, 150 regional shopping malls comprising approximately 141.7 million square feet of gross leasable area. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP. For further information please visit the GGP website at www.ggp.com.

    Contact Information: Kevin Berry, Vice President of Investor Relations
                         kevin.berry@ggp.com
                         (312) 960-5529

SOURCE General Growth Properties, Inc.

Copyright (2014) PR Newswire. All Rights Reserved.
Back to GGP
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki