General Growth Properties plans to refinance bridge loan, looks to cut rates on term loan

New York, April 21 - General Growth Properties, Inc. said it plans to refinance the six-month bridge loan it obtained to help fund the acquisition of Rouse Co. by May 12.

As a result, the Chicago-based regional shopping mall real estate investment trust will not use the six-month extension option.

General Growth said it has "currently scheduled financing transactions" but did not disclose what they are.

It currently has $433 million outstanding on the bridge loan.

In addition, General Growth said it has requested a 50 basis points reduction in the interest rate on its $2 billion four-year term loan from Libor plus 225 basis points. It is offering a 10 basis points consent fee.

If the lenders do not consent to the reduction, General Growth said it will consider its alternatives and may replace the loan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.