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Mills Gets Lender Extension

CHEVY CHASE, MD-Goldman Sachs gives Mills a three-month extension on the REIT's $1.5-billion senior term loan's maturity date.

By Ian Ritter | Updated on December 29, 2006

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

CHEVY CHASE, MD-Mills Corp. officials say that Goldman Sachs has given the troubled REIT an extension on its senior term loan’s maturity date from Dec. 31 to March 31. Mills first received a commitment of up to nearly $1.5 billion from Goldman Sachs in May.

The extension is based on the condition that Mills files its restated financial results from last year by Jan. 31 and audited statements from this year by March 1. The locally based firm is refiling its financials after executives revealed since last year accounting irregularities, an SEC investigation, higher-than-projected development costs, and other issues.

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