WP Glimcher repays bridge loan borrowings via O’Connor joint venture

By Toni Weeks

San Luis Obispo, Calif., June 1 – Washington Prime Group LP, doing business as WP Glimcher, said it repaid $430 million of the outstanding borrowings under its 364-day bridge term loan agreement with the proceeds from the formation of its joint venture with O’Connor Mall Partners, LP, according to a press release.

The company said it plans to repay the remaining balance of the bridge loan with the proceeds from a new five-year $500 million term loan, which is expected to close during the second quarter of 2015.

WP Glimcher is a Columbus, Ohio-based retail real estate investment trust.

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