Mills to repay some term loan debt with proceeds from assets sales

By Sara Rosenberg

New York, Aug. 31 - The Mills Corp. will be required to use proceeds from the sale of its interests in Vaughan Mills in Ontario, Canada, St. Enoch Centre in Glasgow, Scotland, and Madrid Xanadú in Madrid, Spain, to repay term loan debt, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Ivanhoe Cambridge, Inc. is buying the interests for about $981 million, before transaction costs, resulting in expected net proceeds of about $500 million.

Mills expects that the sale of its interests in Vaughan Mills and St. Enoch Centre will close on or about Sept. 15 and that the sale of its interests in Madrid Xanadú will close on or about Oct. 31.

Mills is an Arlington, Va.-based developer, owner and manager of retail destinations.

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