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.