General Growth Properties upsizes credit facility to $750 million

By Sara Rosenberg

New York, April 14 - General Growth Properties Inc. increased its credit facility to $750 million from $720 million, according to a news release.

In addition, the company refinanced seven shopping malls representing $1.7 billion of new mortgages that have a weighted average term of 10.3 years and a weighted average interest rate of 5.33%.

"These transactions mark another step toward our 2011 balance sheet goals of lengthening maturities while improving liquidity. We will continue to take advantage of our ability to refinance GGP's mortgages and the current capital markets where it is accretive to GGP's balance sheet strategy," said Sandeep Mathrani, chief executive officer, in the release.

General Growth Properties is a Chicago-based owner and manager of regional and super regional shopping malls.

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