While it does have new funds on hand, Mills--which just acquired the 2.5million-sf Del Amo Fashion Center in Torrance, CA for $442 million--has nospecific acquisition or development plans in place. "We're pretty well set interms of capital resources," Mills' Noam Saxonhouse tells GlobeSt.com. "The newcredit facility gives us the flexibility to take on new opportunities as we seefit. And this one has better pricing than what we had on the old facility."
Pricing and the number of funds are not the only differences between the old andthe new. This time around, 21 financial institutions came aboard to back Mills."It shows a real confidence in the business model we have," Saxonhouse explains."The 21 institutions represent a tremendous expansion in the number of banks whounderstand our business model and the assets we own."
Company COO Kenneth R. Parent concurs. "The large number of participants in the facility and the sizeof the credit line, which was largely oversubscribed, reflect that financialcommunity's confidence and support of our business," Parent says in a statement.
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