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General Growth Properties to bring back repricing proposal with underwriters
By Sara Rosenberg
New York, June 3 - General Growth Properties Inc. is scheduled to hold a conference call Tuesday to relaunch its term loan B repricing proposal - but this time around the company has enlisted the help of underwriters to get the deal done, according to a market source.
Credit Suisse First Boston, Lehman Brothers, Wachovia and Bank of America are leading the repricing transaction, the source said.
Under the proposal, the company is looking to lower the interest rate on its $2 billion four-year term loan to Libor plus 175 basis points from Libor plus 225 bps, which is the same repricing request that was first announced in April.
When the company approached lenders on its own in April, it was offering a 10 bps consent fee in return for approvals.
General Growth Properties is a Chicago-based regional shopping mall real estate investment trust.
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