FINANCE BRIEFS
May 1, 2007 12:00 PM
Thomas Properties Group, Inc. increased its public offering to 8 million shares of its common stock, at $16.00 per share, an increase from a previous offer of 7 million shares. The company was scheduled to complete the sale on April 26. It granted underwriters a 30-day option to purchase up to an additional 1.2 million shares of common stock on the same terms.
GE Real Estate provided a $225 million, 10-year CMBS loan to Simon Property Group for the refinancing of Wolfchase Galleria, a 1.27-million-square-foot superregional mall in suburban Memphis, Tenn. The loan represented the first financing transaction completed between GE Real Estate and Simon Property Group.
CBL & Associates Properties, Inc. completed permanent financing transactions totaling $417 million on six malls. The 10-year, non-recourse loans were individually secured on six of CBL's properties. The loans have a weighted average fixed interest rate of 5.67 percent. CBL plans to use the $322 million of excess proceeds net of principal repayment, interest and financing costs to pay down outstanding balances on the company's existing lines of credit.
Capmark Finance Inc. provided a $141 million financing package to the Talisman Companies, LLC. for the Fashion Outlets of Las Vegas, a 371,600-square-foot outlet shopping center in Primm, Nev. Scott Crimmins, of Capmark's New York City office, originated the transaction. Talisman used the loan to buy out its institutional partner, an affiliate of Goldman Sachs.
Equity One, Inc. priced a $150 million offering of unsecured notes due 2017. Equity One expects to use the net proceeds to repay amounts outstanding under its unsecured credit facility and general corporate purposes, including future acquisitions, redevelopments and developments.
In late April, Kimcor Realty Corp. sold $300 million in 10-year senior notes. UBS Securities LLC was the joint lead manager for the offering. Banc of America Securities LLC, J.P. Morgan and Citigroup Global Markets Inc. were the other joint lead managers for the sale.
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