General Growth Properties amends to increase revolver to $1 billion

By Jennifer Chiou

New York, May 4 - General Growth Properties Inc. amended and restated its corporate line of credit on April 30, bringing the revolving loan commitment amount up to $1 billion, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., Royal Bank of Canada and J.P. Morgan Securities LLC are the joint lead arrangers.

The amended and restated agreement, among other things, provides an uncommitted accordion feature that will allow the company to increase the total facility to $1.25 billion.

The facility will mature on April 29, 2016.

Borrowings currently bear interest at Libor plus 250 basis points, as determined by the General Growth's leverage level.

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

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