Rouse trims interest on $375 million facility to Libor plus 450 bps

By Susanna Moon

Chicago, Oct. 1 - Rouse Properties, Inc. said it amended its $375 million senior secured credit facility due January 2015, trimming pricing to Libor plus 450 basis points with no Libor floor.

Before the amendment, interest was Libor plus 500 bps, with Libor floor of 1%.

The facility has an outstanding balance of $325.1 million and an undrawn $50 million revolver, according to a company press release.

"This amended credit facility reduces our interest costs by approximately $4 million per year at today's interest rates," president and chief executive officer Andrew Silberfein noted in the release.

The company's bank group is led by Wells Fargo as administrative agent, RBC Capital Markets as syndication agent and U.S. Bank as documentation agent.

Rouse is a New York-based regional mall owner.

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