CBL Closes $202.2 Million in Financings Generating Net Proceeds of $64.1 Million
June 11 2012 - 10:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that it has closed four separate non-recourse loans
totaling $202.2 million. After consideration of the mortgage loan
balances retired, the new loans generated excess proceeds of $64.1
million. CBL had paid off several of the existing mortgage loans
earlier in the year using its lines of credit. Total proceeds were
used to reduce outstanding balances on the Company’s lines of
credit.
Three separate ten-year non-recourse CMBS loans were secured by
Southpark Mall in Richmond (Colonial Heights), VA; Jefferson Mall
in Louisville, KY; and Fashion Square in Saginaw, MI. CBL also
completed a ten-year non-recourse loan with an insurance company
secured by CBL Center I and II in Chattanooga, TN. The four loans
carry a weighted average fixed interest rate of 4.85%.
Commenting on the financings, John Foy, Vice Chairman and Chief
Financial Officer, said, “The new loans are indicative of the
strong demand we are receiving in the CMBS market. We are pleased
to benefit from the favorable interest rate environment by reducing
the average borrowing rate on these loans from 6.62% to 4.85%.”
Year-to-date, CBL has completed more than $416.0 million in
mortgage financings, generating excess proceeds of approximately
143.0 million, substantially addressing CBL’s mortgage maturities
in 2012.
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 90 regional
malls/open-air centers. The properties are located in 27 states and
total 87.3 million square feet including 3.6 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. Additional information
can be found at cblproperties.com.
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.
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