General Growth amends revolver, cuts interest to Libor plus 157.5 bps

By Susanna Moon

Chicago, Oct. 28 - General Growth Properties, Inc. doubled the uncommitted accordion of its revolving credit facility to $500 million from $250 million to allow it to increase the total size to $1.5 billion.

Interest on the drawn amount was reduced to Libor plus 157.5 basis points initially, with the spread ranging from Libor plus 132.5 bps to 195 bps, based on leverage. The spread was cut by between 50 bps to 75 bps.

The company amended its corporate line of credit last Wednesday with Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., Royal Bank of Canada and J.P. Morgan Securities LLC as the joint lead arrangers, according to an 8-K filing with the Securities and Exchange Commission.

The unused fee was cut to 20 bps from 35 bps.

The amendment also releases some pledged equity interests as collateral.

The facility will mature on Oct. 23, 2018.

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

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