General Growth to pay down revolver via preferreds offering proceeds

By Tali David

Minneapolis, Feb. 6 - General Growth Properties, Inc. plans to use the proceeds of its series A cumulative redeemable preferred stock offering for general corporate purposes, including repaying a portion of the borrowings under its revolving credit facility, according to a 424B5 filed with the Securities and Exchange Commission.

The company said it expects to use any additional proceeds, including any proceeds from the shares of series A preferred stock issued if the underwriters exercise their over-allotment option for additional shares of series A preferred stock, for general corporate purposes, including repayment of mortgages, loans and notes payable.

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

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