General Growth Properties Files Registration Statement for Mandatorily Exchangeable Notes
July 15 2010 - 7:32AM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced its
subsidiary, New GGP, Inc. (the “Issuer”), has filed a registration
statement on Form S-11 with the Securities and Exchange Commission
relating to a proposed offering of up to $2.15 billion aggregate
principal amount of mandatorily exchangeable notes. The notes will
be exchangeable for shares of the Issuer’s common stock, subject to
certain conditions, including the consummation of GGP’s proposed
plan of reorganization, which was filed on July 13, 2010, with the
United States Bankruptcy Court for the Southern District of New
York. Proceeds of the offering, which is subject to Bankruptcy
Court approval, would be used to replace a portion of the
previously announced commitments to fund GGP’s plan of
reorganization from affiliates of The Fairholme Fund, Pershing
Square Capital Management and Teacher Retirement System of
Texas.
This offering will be made only by means of a prospectus.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement
becomes effective. The registration statement on Form S-11 may be
accessed through the Securities and Exchange Commission’s website
at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About GGP
GGP currently has ownership interest in and management
responsibility for more than 200 regional shopping malls in 43
states, as well as ownership in planned community developments and
commercial office buildings. GGP’s portfolio totals approximately
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. GGP’s common stock is traded on
the New York Stock Exchange under the symbol GGP.
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