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The Honolulu Advertiser
Updated at 1:44 p.m., Tuesday, March 25, 2008

Ala Moana owner announces $822M stock sale

Advertiser Staff

General Growth Properties Inc., owner of Ala Moana Center and Ward Centers, announced an $821.9 million stock sale to help pay debt a week after its credit rating was cut to junk, Bloomberg News reported.

The offering of 22.8 million shares at $35 each comes as General Growth is seeking to raise about $5 billion through the sale, mortgage loans and private capital. Standard & Poor's cut the Chicago-based mall operator's credit rating to BB+ on March 18, Bloomberg reported.