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.
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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Source: U.S. Bank
U.S. Bank Corporate Communications
Pat Swanson, 651-587-3590
Bank Corporate Communications
Elizabeth Parra, 415-464-8521