CBL & Associates Properties Inc. Announces Pricing of $102.1 Million of Series D Preferred Stock
October 13 2010 - 11:28AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) announced
today that it has priced an underwritten public offering of
4,400,000 depositary shares, each representing 1/10th of a share of
its 7.375% Series D Cumulative Redeemable Preferred Stock with a
liquidation preference of $25.00 per depositary share. The Company
also granted the underwriters of the offering a 30-day option to
purchase up to an additional 660,000 depositary shares to cover
over-allotments, if any. Following completion of this offering
(without giving effect to any exercise of the underwriters' option
to purchase additional depositary shares), the Company will have
17,700,000 depositary shares outstanding, each representing 1/10th
of a share of its 7.375% Series D Cumulative Redeemable Preferred
Stock. The securities are redeemable at liquidation preference,
plus accrued and unpaid dividends, at any time at the option of the
Company. These securities have no stated maturity, sinking fund or
mandatory redemption and are not convertible into any other
securities of the Company.
The depositary shares were priced at $23.1954 per share
including accrued dividends equating to a yield of 7.949%. The
Company intends to use the estimated net offering proceeds of $98.6
million to reduce outstanding borrowings under its credit
facilities and for general corporate purposes. The offering is
expected to close on October 18, 2010, subject to customary closing
conditions.
Wells Fargo Securities, LLC is serving as the sole book-running
manager of the offering.
This offering is being made pursuant to an effective
registration statement filed with the Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any securities nor
shall there be any sale of these securities in any state in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
The offering may be made only by means of a prospectus and
related prospectus supplement. Copies of the prospectus supplement
and accompanying prospectus relating to these securities, when
available, may be obtained from Wells Fargo Securities, LLC, 1525
West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262,
Attn: Syndicate Operations, 1-800-326-5897, email:
prospectus.specialrequests@wachovia.com.
About CBL & Associates Properties,
Inc.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interests in or manages 160 properties, including 85 regional
malls/open-air centers. The properties are located in 28 states and
total 85.9 million square feet including 2.8 million square feet of
non-owned shopping centers managed for third parties. Headquartered
in Chattanooga, TN, CBL has regional offices in Boston (Waltham),
MA, Dallas (Irving), TX, and St. Louis, MO.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company's various filings with the Securities and Exchange
Commission, including without limitation the Company's Annual
Report on Form 10-K and the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and
uncertainties.
CBL and Associates Prope... (NYSE:CBL)
Historical Stock Chart
From Jun 2024 to Jul 2024
CBL and Associates Prope... (NYSE:CBL)
Historical Stock Chart
From Jul 2023 to Jul 2024