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:

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.

 

SOURCE General Growth Properties, Inc.

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