General Growth Properties, which owns several malls in the Baltimore region, on Friday said it refinanced about $896 million in debt, to avoid going into default and possibly bankruptcy — for now.
The Chicago-based owner of The Mall in Columbia, Harborplace and the Gallery and Towson Town Center, said the refinanced loans were used to retire a $58 million bond issued by The Rouse Co. set to mature on Dec. 11, and refinance $814 million in mortgage debt scheduled to mature in 2009.
The company said the loans, which will mature in five to seven years, are separate another $900 million in loans that were set to mature on Friday.
“The company is continuing discussions with its syndicate of lenders for a further extension of these two mortgage loans,” GGP said in a statement. “There can be no assurance that the company will obtain these further extensions.”
GGP on Nov. 30 received a two-week extension from its lenders on the $900 million that was set to mature on Nov. 28. At the time, GGP said it was working with its lenders for a “longer term extension.”
