General Growth Prices Offering of Common Stock
March 25 2008 - 1:27AM
Business Wire
General Growth Properties, Inc. (NYSE:GGP) announced today the
offering of 22,829,355 shares of its Common Stock at $36.00 per
share. The approximately $821.9 million of net proceeds from the
offering will be used to repay GGP�s revolving credit facility and
other debt and for other general corporate purposes. The offering
is expected to close on March 28, 2008. This offering includes
2,445,000 shares of Common Stock that are being sold to MB Capital
Partners III, which is an affiliate of Matthew Bucksbaum, our
Chairman Emeritus, and John Bucksbaum, the Chairman of the Board of
Directors and our Chief Executive Officer. The proceeds to be
obtained from this offering are in addition to the various
potential transactions totaling more than $4.25 billion described
in the Company�s March 19, 2008 press release. A shelf registration
on Form S-3 relating to these securities was filed with the
Securities and Exchange Commission on February 26, 2002. A copy of
the prospectus supplement and related base prospectus relating to
the offer may be obtained, when available, from the Director,
Investor Relations of General Growth Properties, Inc., 110 North
Wacker Drive, Chicago, Illinois 60606-1511, or by telephone at
312-960-5199 or by email at tgoebel@ggp.com. This communication
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor will there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. GGP is one of the largest
U.S.-based publicly traded Real Estate Investment Trusts (REIT)
based upon market capitalization. The Company currently has
ownership interest in, or management responsibility for, a
portfolio of more than 200 regional shopping malls in 45 states, as
well as ownership in master planned community developments and
commercial office buildings. The Company�s portfolio totals
approximately 200 million square feet and includes over 24,000
retail stores nationwide. The Company is listed on the New York
Stock Exchange under the symbol GGP. For more information, please
visit the Company website at http://www.ggp.com. This press release
contains forward-looking statements, including information
regarding our expected liquidity and future financing transactions
that have not yet closed. Actual results may differ materially from
the results suggested by these forward-looking statements, for a
number of reasons, including, but not limited to, the retail
market, tenant occupancy and tenant bankruptcies, the level of
indebtedness and interest rates, market conditions, land sales in
the Master Planned Communities segment, the cost and success of
development and re-development projects and our ability to
successfully manage growth. Readers are referred to the documents
filed by General Growth Properties, Inc. with the SEC, specifically
the most recent report on Form 10-K, which further identify the
important risk factors which could cause actual results to differ
materially from the forward-looking statements in this release. The
Company disclaims any obligation to update any forward-looking
statements.
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