General Growth Properties Announces Offering Closing and Exercise of Over-Allotment Option
November 19 2010 - 7:59PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced the
closing of its underwritten public offering of 135,000,000 shares
of its common stock at a public offering price of $14.75 per share,
less the underwriting discount. GGP also announced the underwriters
have exercised their option to purchase additional shares of common
stock and will purchase 19,886,000 shares. The closing of the
over-allotment option is expected to occur on November 23, 2010,
subject to customary closing conditions.
Goldman, Sachs & Co. and Deutsche Bank Securities served as
joint global coordinators for the offering. Wells Fargo Securities,
RBC Capital Markets, Barclays Capital, UBS Investment Bank and
Morgan Stanley served as joint book-running managers for the
offering, Macquarie Capital and TD Securities served as senior
co-managers and Piper Jaffray served as co-manager.
A registration statement relating to these securities has been
filed and declared effective by the Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy, nor shall there be any
sale of these securities in any state or jurisdiction in which such
an 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 has ownership and management interests in approximately 180
regional shopping malls in 43 states as well as ownership interests
in other rental properties. The Company’s common stock is currently
traded on the New York Stock Exchange under the symbol GGP.
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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