U.S. Bank Leads $1.4 Billion Term Loan Refinance for General Growth Properties
April 29 2016 - 10:06AM
Business Wire
Minneapolis-based U.S. Bank (NYSE: USB), the fifth largest
commercial bank in the United States, led a $1.4 billion term loan
refinance for Chicago-based commercial real estate firm General
Growth Properties, Inc. (NYSE: GGP).
U.S. Bank served as left lead arranger, joint bookrunner and
administrative agent for the loan, which is secured by 15 retail
properties across the country and provides GGP with flexibility in
continuing to optimize its portfolio and invest in its properties.
Led by U.S. Bank, a total of 15 lenders participated in the loan,
with Wells Fargo Securities, LLC serving as right lead arranger,
joint bookrunner and syndication agent.
“Our commercial real estate division strives to build long-term
relationships with our clients,” said Rex Rudy, executive vice
president and head of commercial real estate for U.S. Bank. “GGP is
a great example of that approach. We’ve been in business together
for more than two decades and today we’re pleased to help them
achieve their financial goals through this facility.”
U.S. Bank and GGP have been working together since 1992. The
bank provides a variety of depository, treasury management and
payments products and services, including some developed
specifically to meet GGP’s needs. This deal was closed out of the
bank’s Chicago commercial real estate office.
U.S. Bank’s commercial real estate division has 24 offices and
400 employees nationwide, drawing on the company’s financial
strength and best-in-class debt ratings to help clients achieve
their financial goals. The division focuses on establishing
long-term relationships with commercial real estate developers,
REITs, and commercial property owners located across the United
States.
About GGP
General Growth Properties, Inc. is an S&P 500 company
focused exclusively on owning, managing, leasing and redeveloping
high-quality retail properties throughout the United States. GGP is
headquartered in Chicago, Illinois, and publicly traded on the NYSE
under the symbol GGP.
About U.S. Bank
U.S. Bancorp (NYSE: USB) with $429 billion in assets as of March
31, 2016, is the parent company of U.S. Bank National Association,
the fifth largest commercial bank in the United States. The company
operates 3,129 banking offices in 25 states and 4,954 ATMs and
provides a comprehensive line of banking, investment, mortgage,
trust and payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160429005686/en/
U.S. Bank Corporate CommunicationsPat Swanson,
651-587-3590patrick.swanson@usbank.comorU.S. Bank Corporate
CommunicationsElizabeth Parra,
415-464-8521elizabeth.parra@usbank.com
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