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WOODFIELD FINANCE CORP. US$172 MILLION COLLATERALIZED FLOATING RATE NOTES DUE 1998 RATED BY DUFF & PHELPS (EXTENDIBLE TO 2003)

 CHICAGO, Oct. 13 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of "AAA" (triple A) to the Woodfield Finance Corp. collateralized floating rate notes due 1998 and extendible to 2003 (the notes).
 The notes will be issued in an aggregate principal amount of $172 million and will bear interest at a per annum rate equal to three- month LIBOR plus 0.50 percent. Interest will be payable quarterly on every January 13, April 13, July 13, and October 13. The notes will mature on Oct. 13, 1998 and, with consent of two-thirds of the bondholders, may be extended to 2003 if the notes are not repaid in full at maturity.
 The notes are secured by, among other things, a first lien mortgage on Woodfield Mall and an interest rate agreement pledged by the borrower to the trustee. Woodfield Mall is a 1.9 million square foot super- regional shopping center located in Schaumburg, Ill. The mall contains approximately 230 mall stores and is anchored by Marshall Field's, JC Penney, Sears and Lord & Taylor, all of which own their stores. The interest rate agreement, the counterparty of which is "AAA" rated, effectively hedges the floating-rate interest exposure of the notes through a fixed-for-floating Swap and LIBOR Cap.
 Proceeds from the offering will be used to repay existing mortgage debt and fund construction and renovation costs associated with a planned expansion. The renovation and expansion will, among other things, relocate an existing anchor, add a fifth anchor and create an additional 188,000 square feet of mall gross leasable area which, upon completion, will provide additional security for the Notes.
 The rating represents D&P's quantitative and qualitative analysis of the property and the structure of the transaction. Our analysis focused on the property's ability to service debt and meet principle obligations under the terms of the mortgage and indenture.
 -0- 10/13/93
 /CONTACT: Michael T. Moran of Duff & Phelps Credit Rating Co., 312-368-3187/


CO: Woodfield Finance Corp. ST: Illinois IN: FIN SU: RTG

TS -- NY058 -- 1687 10/13/93 12:42 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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