Thursday, June 7, 2012

Concord Mills owner to be bought for $7.5B - Charlotte Business Journal:

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billion. Brookfield also will give Mills debt financing until the deal is completec by assuminga $1 billion senior-termm loan and by providing the developert with a $500 milliomn revolving line of credit. Under the agreement, Mills will becomre a subsidiary ofBrookfield (TSX:BAM), whichj has $50 billion under management. Mills (NYSE:MLS), whichg has been selling properties to paydown debt, had been entertaining severak buyout offers, including ones from its investors, San Francisco-baser Farallon Capital Partners and the Israeli firm The company is over budget on its largest-evere project, a shopping and entertainment development at New Jersey's Mills owns 38 properties in the United Statexs totaling about 47 milliom square feet.
At 1.4 million squar e feet, Concord Mills ties with SouthPark mall as the largestg areashopping center. Anchor tenants includes Bass Pro Shops Outdoor AMC24 Theatres, NASCAR SpeedPark and T.J. Maxx and Brookfield has said accounting errors by past executives could cost the company as muchas $352 An internal investigation led to the restatementf of several years' earnings. The company'z books are also under investigation by the Securitie andExchange Commission.

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