General Growth amends revolver, upping commitment to $720 million

By Jennifer Chiou

New York, Feb. 25 - General Growth Properties, Inc. announced an amendment to its existing $300 million three-year senior secured revolving credit facility, increasing the size to $720 million.

The amendment also adds an accordion feature, allowing the company to further increase the commitment amounts to up to $1 billion subject to certain conditions.

According to a news release, the change also provides a step-down in interest rates and collateral requirements as the overall leverage of the company improves.

The revolver will be undrawn at close and will provide additional liquidity.

The Chicago-based real estate investment trust owns regional shopping malls, master planned community developments and commercial office buildings. It filed for bankruptcy on April 16, 2009 and emerged on Nov. 9, 2010.

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