Mall REIT, General Growth Properties, Inc. (NYSE:GGP), announced today it completed $896 million in mortgage loan refinancing activity with maturities ranging from five to seven years. GGP said this activity is not related to the $900 million in debt on Fashion Show Mall and Shoppes at Palazzo in Las Vegas that is scheduled to mature today, Dec. 12, 2008.
The proceeds from these new loans were used to pay off the $58 million corporate bond from the Rouse Company merger that was scheduled to mature Dec. 11, 2008, as well as to refinance an additional $814 million in mortgages that were scheduled to mature in 2009.
Also this week, activist shareholder William Ackman upped his stake in GGP again. Ackman, through Pershing Square Capital Management and related entities, now holds a 25.6% stake in the REIT through direct ownership of 20 million shares of common stock, as well as 48.5 million shares of total return swaps.
Mall REIT, General Growth Properties, Inc. (NYSE:GGP), announced today it completed $896 million in mortgage loan refinancing activity with maturities ranging from five to seven years. GGP said this activity is not related to the $900 million in debt on Fashion Show Mall and Shoppes at Palazzo in Las Vegas that is scheduled to mature today, Dec. 12, 2008.
回覆刪除The proceeds from these new loans were used to pay off the $58 million corporate bond from the Rouse Company merger that was scheduled to mature Dec. 11, 2008, as well as to refinance an additional $814 million in mortgages that were scheduled to mature in 2009.
Also this week, activist shareholder William Ackman upped his stake in GGP again. Ackman, through Pershing Square Capital Management and related entities, now holds a 25.6% stake in the REIT through direct ownership of 20 million shares of common stock, as well as 48.5 million shares of total return swaps.
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