General Growth Properties launches pro rata repricing

By Sara Rosenberg

New York, Sept. 6 - General Growth Properties Inc. launched a repricing of its term loan A and revolver bank debt Tuesday under which the spread would drop to Libor plus 175 basis points from Libor plus 225 bps, according to a market source.

Around two months ago, the company completed a similar repricing for its $2 billion term loan B, taking the institutional spread down to Libor plus 175 bps from Libor plus 225 bps. The term loan B became non-callable for one year for repricing purposes only as a result of the amendment.

General Growth Properties is a Chicago-based regional shopping mall real estate investment trust.

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