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To: Galirayo who wrote (8215)	6/15/1998 11:02:00 PM
From: Susan Saline	Respond to of 9262

HGI now HGPI ... just some news not a currently held in my portfolio, but ... Lots of news today on this company though ... thanks Ray for taking notice Carol your ARIA performed very well today also. Monday June 15, 2:27 pm Eastern Time Company Press Release SOURCE: Prime Retail, Inc. Prime Retail, Inc. and Horizon Group, Inc. Complete Merger Prime Retail Completes $292.0 Million of Debt Financing In Connection with the Merger Monday June 15, 4:32 pm Eastern Time Prime Retail holders approve Horizon deal BALTIMORE, June 15 (Reuters) - Prime Retail Inc. (PRT - news) said Monday its shareholders had approved the company's acquisition of Horizon Group Inc. (HGI - news) for $973.1 million in stock and debt. Monday June 15, 5:39 pm Eastern Time Company Press Release SOURCE: Horizon Group Properties, Inc. Horizon Group Properties, Inc. Commences Trading In the Nasdaq National Market Under the Trading Symbol 'HGPI' Horizon Group Properties, Inc. Completes $108.2 Million of Debt Financing Monday June 15, 8:15 pm Eastern Time Horizon completes $108.2 mln financing CHICAGO, June 15 (Reuters) - Horizon Group Properties Inc., a real estate investment trust, said Monday it completed a $108.2 million debt financing from Nomura Asset Capital Corp. Horizon Group Properties was created through a spin-off by Prime Retail Inc. (PRT - news) in connection with the merger of Prime Retail and Horizon Group Inc. (HGI - news). The company said it began trading on a when-issued basis Monday under the symbol HGPI. The credit facility has a term of three years and bears interest at one-month LIBOR plus 1.90 percent a year. HGP's portfolio consists of 13 operating factory outlet centers and one power center located in 11 states and containing about 2.9 million square feet of gross leasable area. All of HGP's business and operations are conducted through Horizon Group Properties L.P. HGP said its management plans to improve the operating performance of its portfolio through remerchandising and increasing the occupancy levels at its existing centers and through acquisition of other properties and repositioningunderperforming properties. The common equity of HGP is being distributed to the convertible preferred and common shareholders and unitholders of Prime Retail, and the shareholders and limited partners of Horizon Group based on their ownership of Prime Retail immediately following the merger. Upon completion of this distribution, 2,770,000 shares of common stock of HGP will be outstanding. In addition, limited partners will own 619,000 common units in HGP L.P., each of which is exchangeable into a share of common stock of HGP or, at the option of HGP the cash equivalent.