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GGP Lines Up New Financing

Real estate investment trust General Growth Properties Inc. said Friday it closed the first stage of a new loan, amounting to $875 million.

The company said loan proceeds were used to repay all remaining loans maturing in the third quarter, except for a $73 million property loan. That loan can't be repaid without a prepayment penalty prior to its due date in September.

General Growth said it anticipates receiving additional funding under the loan facility of up to $875 million, which would bring the loan facility to its maximum balance of $1.75 billion. The loan has an initial term of three years, with two single-year extension options.

The initial $875 million of the loan will bear interest at a fixed rate of 5.64 percent per year.

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