General Growth Properties Commences Public Offering of Common Stock
November 09 2010 - 5:38PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced that
it has commenced a public offering of 135,000,000 shares of common
stock of New GGP, pursuant to the company’s registration statement
filed with the Securities and Exchange Commission. The underwriters
will have an option to purchase an additional 20,250,000 shares of
common stock from the company at the public offering price, less
the underwriting discounts.
GGP’s agreements with Brookfield Asset Management
(“Brookfield”), Fairholme Funds, Inc. (“Fairholme”), Pershing
Square Capital Management (“Pershing Square”) and Teacher
Retirement System of Texas (“Texas Teachers”), which were an
integral feature of GGP’s plan of reorganization, provide the
company with the flexibility to replace $2.15 billion of the $6.8
billion in equity commitments, funded today by the plan sponsors in
connection with GGP’s emergence from bankruptcy on more favorable
terms through a clawback provision. New GGP will use the proceeds
of the offering to fund this clawback. To the extent there are any
excess proceeds, such proceeds will be used for general corporate
purposes.
Goldman, Sachs & Co. and Deutsche Bank Securities are
serving as joint global coordinators for the offering. Wells Fargo
Securities, RBC Capital Markets, Barclays Capital, UBS Investment
Bank and Morgan Stanley are serving as joint book-running managers
for the offering, Macquarie Capital and TD Securities are serving
as senior co-managers and Piper Jaffray is serving as
co-manager.
A registration statement relating to these securities has been
filed with the SEC 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.
Alternatively, copies of the prospectus for the offering may be
obtained through from Goldman, Sachs & Co., Prospectus
Department, 200 West Street, New York, NY 10282, by telephone:
1-866-471-2526, by facsimile: 212-902-9316 or by email
prospectus-ny@ny.email.gs.com; or additionally may be obtained
through Deutsche Bank Securities, Attn: Prospectus Department, 100
Plaza One, Jersey City, NJ 07311, by telephone: 1-800-503-4611, or
by email prospectus.cpdg@db.com.
ABOUT “New” GGP
“New” GGP will have ownership and management interest in 183
regional shopping malls in 43 states as well as ownership interests
in other rental properties.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. 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 success of our equity offering, our ability to
refinance, extend, restructure or repay our near and intermediate
term debt, our substantial level of indebtedness, our ability to
raise capital through equity issuances, asset sales or the
incurrence of new debt, retail and credit market conditions,
impairments, our liquidity demands and retail and economic
conditions. Readers are referred to the documents filed by General
Growth Properties, Inc. with the Securities and Exchange
Commission, 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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