GGP Retools $1.2B Of Mall Debt As Part Of Refi Push

Law360, New York (November 14, 2012, 7:32 PM EST) -- General Growth Properties Inc., a listed real estate investment trust with a $17.6 billion market value, said Wednesday that it has refinanced $1.2 billion of property-level debt at shopping malls in Texas, California, Florida, Utah, New Jersey and Arizona.

The move dropped the weighted average interest rate on the seven properties' loans from 4.62 percent to 3.65 percent, netting the Chicago-headquartered REIT $545 million, according to a statement from GGP.

The refinancing also pushes back the maturity date on most of the debt to June 2020,...
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