Datek Online. Apply NowRelated Quotes
HGPI
2.50
+0.00
delayed 20 mins - disclaimer
Saturday July 14, 11:20 am Eastern Time
Press Release
SOURCE: Horizon Group Properties, Inc.
Horizon Refinances The Holland Outlet Center
CHICAGO, July 14, /PRNewswire/ -- Horizon Group Properties, Inc. (HGP) (NASDAQ: HGPI - news; the ``Company''), an owner, operator and developer of factory outlet and power centers, announced that on June 29, 2001 it completed the refinancing of its outlet center in Holland, Michigan with Republic Bank.
The $3.5 million mortgage loan, secured by the Holland Outlet Center, is for a term of five years, requires monthly principal payments based on a 20-year amortization schedule and bears interest at a fixed rate of 8.21%. The net proceeds from this loan were used to reduce the balance of the Company's credit facility with Nomura Asset Capital Corporation (``Nomura''), which expires in July 2001.
Commenting on today's announcement, Chairman, President and Chief Executive Officer Gary J. Skoien provided an update on the Company's progress toward repaying the Nomura credit facility, ``The closing of this loan is an important step toward the payoff of our commitment to Nomura. We are currently in the final stages of additional transactions with respect to this debt and look forward to announcing their completion in the very near future.'' Based in Chicago, Illinois, Horizon Group Properties, Inc. has 11 factory outlet centers and one power center in 9 states totaling more than 2.5 million square feet. |
