General Growth PropertiesInc. said some of its units amended the company's $1.4 billion corporateloan April 25 to decrease the recourse and extend the loan term.
The company reduced the recourse to 50% from 100% and extendedthe term for three years, with the loan now maturing April 25, 2019, with two one-yearextension options.
According to a filing, the interest rate and principal balanceof the loan, which is cross collateralized by mortgages on 15 properties, stayedunchanged at LIBOR plus 175 basis points and $1.4 billion, respectively.
The loan was amended with U.S. Bank NA and Wells Fargo SecuritiesLLC, as joint lead arrangers and book runners; U.S. Bank, as administrative agent;and other lenders party to the loan.