GGP Finances $1.2 Billion Of Property-Level Debt INTEREST RATE DECREASES FROM 4.62% TO 3.65%

CHICAGO, Nov. 14, 2012 /PRNewswire/ -- General Growth Properties, Inc. (NYSE: GGP) ("GGP" or the "Company") today announced $1.2 billion of property-level financings. The new loans have a weighted average interest rate and term of 3.65% and 8.4 years, respectively, as compared to a rate of 4.62% and a remaining term-to-maturity of approximately one year for the prior loans. The transactions generated approximately $545 million of net proceeds. Information regarding each transaction is provided below:




Prior Loan Terms

New Loan Terms

Mall

Location

Financing Date

Balance

Balance at GGP Share

Interest Rate(a)

Maturity Date

Balance

Balance at GGP Share

Interest Rate(a)

Maturity Date




(in millions)



(in millions)



Newgate Mall

Ogden, UT

November 2012

$38

$38

4.84%

April 2014

$58

$58

3.69%

June 2020

Fashion Place

Murray, UT

November 2012

132

132

5.30%

April 2014

227

227

3.64%

June 2020

Town East Mall

Mesquite, TX

November 2012

95

95

3.46%

January 2014

160

160

3.56%

June 2020

Tucson Mall

Tucson, AZ

November 2012

111

111

4.26%

January 2014

246

246

4.01%

June 2020

Visalia Mall

Visalia, CA

November 2012

36

36

3.78%

January 2014

74

74

3.71%

June 2020

Coastland Center

Naples, FL

November 2012

-

-

-

-

130

130

3.76%

November 2022

Bridgewater Commons

Bridgewater, NJ

November 2012

124

43

5.27%

January 2013

300

105

3.34%

November 2022



Grand Totals

$536

$455

4.62%


$1,195

$1,000

3.65%


(a) Grand Total interest rate calculated based on total loan balance.

During 2012, the Company has completed 32 financings totaling approximately $7.9 billion ($7.0 billion at share) of property-level financings generating approximately $1.4 billion of net proceeds. As a result of these transactions, the average interest rate decreased 110 basis points from 5.30% to 4.20%. The Company has no further property-level debt maturing in 2012.

As previously disclosed, the Company has called for early redemption of its 6.75% unsecured notes due May 2013 (approximately $600 million). The redemption will occur on December 3, 2012, at the "Make Whole Price", as defined in the applicable indenture.

General Growth Properties, Inc.

General Growth Properties, Inc. 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. GGP currently owns or has an interest in, 144 regional shopping malls comprising approximately 136 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.



RELATED LINKS
http://www.ggp.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.