Breaking: GGP Refinances

This just hit the wires. General Growth announced the completion of approximately $896 million of mortgage loans. These are not the loans tied to the Las Vegas properties for which are also scheduled to mature today.

The maturity dates of these mortgage loans range from five to seven years. The proceeds were fully used to retire a $58 million bond issued by The Rouse Company LP maturing December 11, 2008, as well as to refinance approximately $814 million of mortgage indebtedness scheduled to mature in 2009. These refinanced loans are separate from the Fashion Show and Palazzo mortgage loans currently scheduled to mature on December 12, 2008. The Company is continuing discussions with its syndicate of lenders for a further extension of these two mortgage loans. There can be no assurance that the Company will obtain these further extensions.

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