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April 18, 2015 5:17 AM ET

Capital Markets

Company Overview of The Taubman Realty Group Limited Partnership

Company Overview

The Taubman Realty Group Limited Partnership owns, manages, leases, acquires and develops retail shopping centers. The company was founded in 1985 and is based in Bloomfield Hills, Michigan. The Taubman Realty Group Limited Partnership operates as a subsidiary of Taubman Centers, Inc.

200 East Long Lake Road

Suite 300

Bloomfield Hills, MI 48303-0200

United States

Founded in 1985

Phone:

248-258-6800

Key Executives for The Taubman Realty Group Limited Partnership

President and Chief Executive Officer
Age: 60
Chief Financial Officer and Vice President
Age: 55
Compensation as of Fiscal Year 2014.

The Taubman Realty Group Limited Partnership Key Developments

The Taubman Realty Group Limited Partnership Enters into an Unsecured Term Loan Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent

On November 12, 2013, a subsidiary of Taubman Centers Inc., The Taubman Realty Group Limited Partnership, entered into an unsecured term loan agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the various lenders and agents on the signature pages thereto. The agreement provides for a loan that matures on February 28, 2019. As of November 12, 2013, the leverage ratio results in pricing of LIBOR plus 1.35%. The agreement provides for an aggregate commitment of $475 million (which may be increased up to $600 million, subject to conditions therein). The loan proceeds of $475 million were used to pay off the 5.28%, $305 million loan on Beverly Center, and excess proceeds, net of fees and accrued interest, were used to pay down the company's lines of credit. The entities owning Beverly Center, Dolphin Mall, Fairlane Town Center, Twelve Oaks Mall, and The Shops at Willow Bend are guarantors under the agreement and the company's $1.1 billion revolving credit agreement dated as of February 28, 2013, and will be unencumbered assets under both loans. The agreement also contains various affirmative and negative covenants, including financial covenants, and events of default that are similar to TRG's existing revolving credit agreement. Separately, the company has entered into a forward interest rate swap agreement to reduce its exposure to interest rate fluctuations. The swap will effectively fix the interest rate on the $475 million loan to a rate of 3% beginning January 2, 2014 through its maturity date.

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