GGP Announces Redemption of 6.75% Notes Due 2015 and $1.5 Billion of Secured Financings in First Quarter

CHICAGO, April 2, 2013 /PRNewswire/ -- General Growth Properties, Inc. (NYSE: GGP) ("GGP" or the "Company") today announced that its subsidiary, GGP-TRC, LLC, is calling its 6.75% Notes due November 9, 2015 (the "Notes") for redemption on May 1, 2013 (CUSIP 779278AA8). As of the close of business on April 1, 2013, there was $608,688,000 of Notes outstanding. The full amount of the Notes will be redeemed in cash, including an early redemption fee of approximately $20.5 million, plus accrued and unpaid interest up to, but excluding, the redemption date.

From the redemption date forward, the Notes will no longer be deemed outstanding, interest will no longer accrue and holders will have no rights other than the right to receive the redemption price, without interest, upon surrender of the Notes. Payment of the redemption price will be made only upon presentation and surrender of the Notes to Wilmington Trust, National Association, the trustee and paying agent, during its business hours at the address specified in the Notice of Redemption. The Notice of Redemption was distributed to holders of the Notes on April 1, 2013.

As previously announced, approximately $92 million of 5.375% unsecured notes were redeemed on February 14, 2013, prior to their stated maturity date of November 26, 2013. In connection with the redemption, the Company incurred an early redemption fee of approximately $3.5 million.

In addition, during the first quarter, the Company completed approximately $1.5 billion of secured financings, lowering the average interest rate approximately 150 basis points from 5.09% to 3.61%. The financings generated $680 million of net proceeds after repayment of existing mortgages and had maturities of between 10 and 12 years. The financing transactions are as follows:




Prior Loan Terms

New Loan Terms


Mall

Location

Financing Date

Total Balance

Proportionate Balance

Interest Rate


Maturity Date

Total Balance

Proportionate Balance

Interest Rate


Maturity Date

Notes




(in millions)




(in millions)





Pecanland Mall

Monroe, LA

March 2013

$50

$50

4.28%


January 2014

$90

$90

3.88%


March 2023


The Shoppes at River Crossing

Macon, GA

March 2013

38

-

4.50%


May 2013

77

39

3.75%


March 2023

(a)

Crossroads Center

St. Cloud, MN

March 2013

77

77

4.73%


January 2014

108

108

3.25%


April 2023


Altamonte Mall

Orlando, FL

February 2013

150

75

5.05%


March 2013

160

80

3.72%


February 2025

(b)

Pembroke Lakes Mall

Pembroke, FL

February 2013

119

119

4.94%


April 2013

260

260

3.56%


March 2025


Valley Plaza Mall

Bakersfield, CA

February 2013

86

86

3.90%


January 2016

240

240

3.75%


March 2025


Willowbrook Mall

Wayne, NJ

March 2013

146

146

6.82%


June 2016

360

360

3.55%


March 2025


Mall St. Matthews

Louisville, KY

March 2013

133

133

4.81%


January 2014

188

188

3.58%


April 2025




Grand Totals

$799

$686

5.09%



$1,483

$1,365

3.61%



(c)















(a) The Shoppes at River Crossing is a 50% owned joint venture. The prior loan was entirely secured by GGP's joint venture partner's interest in the property, thus, GGP's share of the prior loan balance was zero.

(b) Altamone Mall is a 50% owned joint venture.

(c) Interest rate total is calculated based on total balance.

Forward-Looking Statements
The forward-looking statements contained in this news release are subject to certain risks and uncertainties including, without limitation, the risks described under the heading "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") and available on our website at www.ggp.com. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

About GGP
General Growth Properties, Inc. is a fully integrated, self-managed and self-administered real estate investment trust focused exclusively on owning, managing, leasing, and redeveloping high-quality retail properties throughout the United States. GGP's portfolio is comprised of 125 regional malls comprising 124 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 www.ggp.com.



Investor Relations Contact: 

Media Contact:

Kevin Berry 

David Keating

VP Investor Relations

VP Corporate Communications

(312) 960-5529 

(312) 960-6325

kevin.berry@ggp.com 

david.keating@ggp.com



SOURCE General Growth Properties, Inc.



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