General Growth uses mortgage loan proceeds to retire bond, refinance $814 million of mortgage debt

By Caroline Salls

Pittsburgh, Dec. 12 - General Growth Properties, Inc. used the proceeds from the completion of roughly $896 million of mortgage loans to retire a $58 million bond due Dec. 11, 2008 issued by the Rouse Co. LP and to refinance $814 million of mortgage debt scheduled to mature in 2009, according to a company news release.

The company said the refinanced loans are separate from the Fashion Show and Palazzo mortgage loans currently scheduled to mature on Dec. 12.

General Growth said it is continuing discussions with its syndicate of lenders for a further extension of these two mortgage loans.

The maturity dates of the completed mortgage loans range from five to seven years.

General Growth is a Chicago-based real estate investment trust.

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