Examples of GGP LP in a sentence
The Junior Subordinated Notes are unsecured obligations of GGP LP, one of the Debtors, and are not guaranteed by any entities within the GGP Group.
Additionally, as of December 31, 2008, the Company also had outstanding letters of credit and surety bonds in the amount of $286.2 million.With respect to the Company’s joint venture interests, GGP LP is the promissor on a note in the principal amount of $245 million, payable to the Comptroller of the State of New York, as trustee for the New York State Common Retirement Fund, and due on February 28, 2013.
GGP is the general partner of GGP Limited Partnership (“GGP LP”), the company through which the Group’s business is primarily conducted.9 GGP LP in turn controls, directly or indirectly, GGPLP, L.L.C., The Rouse Company LP (“TRCLP”), and General Growth Management, Inc.
GGP owns 96% of GGP LP, with outside parties holding the remaining 4%.
The facility was not scheduled to mature until February 24, 2010, but fell into default in late 2008 through a cross-default provision triggered by the default of one of the GGP Group’s property-level mortgage loans.On February 24, 2006, GGP LP issued $206.2 million of junior subordinated notes to GGP Capital Trust I (“the Junior Subordinated Notes”).
The Junior Subordinated Notes are subordinate in payment to all indebtedness of GGP LP, other than trade debt.
The 2006 Facility is guaranteed by Rouse L.L.C., with GGP LP pledging its equity interest in GGPLP, L.L.C., TRCLP and Rouse LLC and Rouse LLC pledging its general partnership interest in TRCLP to secure the obligations under the 2006 Facility.
GGP LP, GGPLP, L.L.C. and TRCLP are each Debtors, while GGMI is a non-Debtor affiliate that provides management services to the GGP Group, the joint ventures and other unrelated third parties.
Additionally GGP LP is the promissor on a note in the amount of $93,712,500, due on December 1, 2012, payable to Ivanhoe Capital, LP, and secured by a pledge of GGP LP’s shares in the GGP Ivanhoe, Inc.
The principal components of this debt were as follows:Under an indenture dated April 16, 2007, GGP LP issued $1.55 billion of 3.98% Exchangeable Senior Notes (the “GGP LP Notes”).