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General Growth Properties Reaches Agreements in Principle on Certain Mortgage Related Debt
Nov 19, 2009 1:25:00 PM
Copyright Business Wire 2009


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View Additional ProfilesCHICAGO--(BUSINESS WIRE)-- GENERAL GROWTH PROPERTIES, INC. ("GGP") today announced it has reached agreements in principle to restructure approximately $8.9 billion of secured mortgage loans. Key provisions of the agreements include maturity date extensions resulting in an average loan duration of approximately 6.4 years from January 1, 2010, with no such loan maturing prior to January 2014, and continuation of interest at the current non-default rate. The weighted average contract interest rate for the 70 loans covered by these agreements is 5.35%. The all-in-interest rate after amortization of fees paid in connection with these loans is 5.54%.