Press release from Business Wire
U.S. Bank Co-Leads $1.5 Billion Term Loan for General Growth Properties, Inc.
Wednesday, May 01, 2013
U.S. Bank Co-Leads $1.5 Billion Term Loan for General Growth Properties, Inc.10:17 EDT Wednesday, May 01, 2013
CHICAGO (Business Wire) -- General Growth Properties, Inc. (“GGP”), U.S. Bank and RBC Capital Markets announced today that they have closed on a $1.5 billion secured, term loan that will refinance 16 of GGP's existing properties in the United States.
U.S. Bank acted as joint-lead arranger, joint bookrunner and administrative agent on the transaction, while RBC Capital Markets served as joint-lead arranger (left), joint bookrunner and syndication agent. There were 11 other co-lenders in the facility.
“We are pleased to complete this transaction for GGP, a long-time client of U.S. Bank,” said Joe Hoesley, vice chairman of Commercial Real Estate at U.S. Bank. “Together with our partners, we were able to raise over $1.8 billion in commitments for this credit facility, demonstrating the strong appetite lenders have for quality commercial real estate assets.”
The loan was originated out of U.S. Bank's commercial real estate office in Chicago.
General Growth Properties is a fully integrated, self-managed and self-administered real estate investment trust focused exclusively on owning, managing, leasing, and redeveloping high-quality regional malls throughout the United States. GGP's portfolio is comprised of 124 regional malls in the United States comprising approximately 124 million square feet. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 25 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $355 billion in assets as of March 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,080 banking offices in 25 states and 5,056 ATMs. The bank provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
U.S. Bank Public Relations
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