General Growth Repays $391 Million of Mortgage Loans
September 02 2008 - 4:05PM
Business Wire
General Growth Properties, Inc. (NYSE:GGP) announced today that it
repaid $391 million of near term maturity mortgage loans, following
another closing with respect to the staged funding of its $1.75
billion secured loan facility today. This brings the total loan
facility amount currently outstanding to $1.41 billion. All
remaining seven properties were added to the collateral pool which
now completes the 24 property collection of assets. The company
plans to add additional lenders to the loan facility until the
total amount funded reaches $1.75 billion. General Growth 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 44
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 Forms 10-K and 10-Q, 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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