General Growth Properties doubles revolver size to $500 million

By Paul A. Harris

St. Louis, Nov. 8 - General Growth Properties Inc. doubled the size of its three-year revolving credit facility to $500 million from $250 million on Monday, according to market sources.

A buyside source told Prospect News that the deal, which is expected to close by the end of the week, is highly oversubscribed.

The $6.4 billion ($10 billion with the bridge loan) credit facility also includes a $3.9 billion three-year term loan A, which, like the revolver, is talked at Libor plus 225 basis points.

The facility also includes a $2 billion four-year term loan B, talked at Libor plus 250 basis points, and a $3.6 billion bridge loan talked at Libor plus 200 basis points.

Lehman Brothers and Credit Suisse First Boston are joint lead arrangers, with Lehman Brothers listed on the left. Wachovia and Bank of America are joint bookrunners.

Proceeds will be used to help fund the acquisition of The Rouse Co. and to refinance $2 billion of General Growth's unsecured credit.

General Growth is a Chicago shopping mall owner.

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