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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): Commission File Number:
November 21, 1996 1-12994
THE MILLS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 52-1802283
(State or other jurisdiction (IRS Employer
of incorporation) Identification Number)
1300 Wilson Boulevard
Suite 400
Arlington, Virginia 22209
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(703) 526-5000
(Former name or former address, if changed since last report)
Not applicable
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THE MILLS CORPORATION
Item 5 - Other Events
Attached as Exhibit to this form is the document listed below:
Exhibit Document
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A Press Release dated November 21, 1996.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE MILLS CORPORATION
Date: December 16, 1996 By:/s/ Thomas E. Frost
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Thomas E. Frost
Senior Vice President
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EXHIBIT INDEX
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Exhibit Description Page
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A Press Release dated November 21, 1996
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1300 Wilson Boulevard
Suite 400
[LOGO OF THE MILLS CORPORATION Arlington, Virginia 22209
APPEARS HERE] (703) 526-5000
FOR IMMEDIATE RELEASE
THE MILLS CORPORATION SEEKS
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REFINANCING OF EXISTING PROJECTS
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ARLINGTON, VA, November 21, 1996 -- The Mills Corporation (NYSE:MLS) today
announced that it is seeking to refinance existing indebtedness at its Potomac
Mills and Gurnee Mills value-oriented, super-regional mall properties through
the issuance, by a wholly-owned subsidiary, of approximately $284 million of
fixed rate commercial mortgage pass-through certificates. The debt to be
refinanced is approximately $287 million of secured variable rate indebtedness,
which currently bears interest at a weighted average rate of 6.94% per annum and
which matures on various dates between 1997 and 1999. The certificates will
evidence beneficial ownership in a trust fund to be created, the principal asset
of which will be a mortgage loan secured by the two properties. The
certificates are expected to mature in 2026, with targeted prepayment date of
2003. The offering is expected to close by the end of the year. No assurance
can be given that the refinancing will occur or, as to the timing or terms
thereof.
The Certificates will not be registered under the Securities Act of 1933
and may not be offered or sold within the United States absent registration or
an applicable exemption from the registration requirements of the Securities Act
of 1993 and applicable state securities laws. The certificates will be offered
within the United States only to Qualified Institutional Buyers (as defined in
Rule 14A under the Securities Act of 1993).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the certificates.
The Mills Corporation current wholly owns and operates four value and
entertainment-oriented mega malls--Potomac Mills (Washington, DC), Franklin
Mills (Philadelphia), Sawgrass Mills (Ft. Lauderdale, FL), and Gurnee Mills
(Chicago). In addition, the Mills Corporation operates and owns 50% of a fifth
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The Mills Corporation
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value and entertainment-oriented mega mall, Ontario Mills (Los Angeles), which
the Company developed together with its partners Simon Property Group and Kan
Am.
Four other Mills Corporation value and entertainment-oriented projects are
currently under development in Grapevine, Texas (Dallas), Tempe, Arizona
(Phoenix), the New Jersey Meadowlands (New York/northern New Jersey) and the
City of Orange (Los Angeles). The grand openings of Grapevine Mills and Arizona
Mills are scheduled for the fourth quarter of 1997.
In addition to its value-oriented mega malls, the Company owns and operates
11 community centers across the United States.
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Contact: Susan Goyette - media (703)526-5146
Larry Winkler - investors (703)526-5039
