Press release from PR Newswire
GGP Finances $1.2 Billion Of Property-Level Debt
Wednesday, November 14, 2012
GGP Finances $1.2 Billion Of Property-Level Debt07:00 EST Wednesday, November 14, 2012INTEREST 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 TermsNew Loan TermsMallLocationFinancing DateBalanceBalance at GGP ShareInterest Rate(a)Maturity DateBalanceBalance at GGP ShareInterest Rate(a)Maturity Date(in millions)(in millions)Newgate MallOgden, UTNovember 2012$38$384.84%April 2014$58$583.69%June 2020Fashion PlaceMurray, UTNovember 20121321325.30%April 20142272273.64%June 2020Town East MallMesquite, TXNovember 201295953.46%January 20141601603.56%June 2020Tucson MallTucson, AZNovember 20121111114.26%January 20142462464.01%June 2020Visalia MallVisalia, CANovember 201236363.78%January 201474743.71%June 2020Coastland CenterNaples, FLNovember 2012----1301303.76%November 2022Bridgewater CommonsBridgewater, NJNovember 2012124435.27%January 20133001053.34%November 2022Grand Totals$536$4554.62%$1,195$1,0003.65%(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 KeatingVP Investor Relations VP Corporate Communications(312) 960-5529 (312) email@example.com firstname.lastname@example.org SOURCE General Growth Properties, Inc.