CBL Properties Completes Exchange of 7% Exchangeable Secured Notes
February 01 2022 - 3:45PM
Business Wire
CBL Properties (“CBL & Associates Properties, Inc.,” “CBL,”
or the “Company”) (NYSE: CBL) today announced that its wholly-owned
subsidiary, CBL & Associates Holdco II, LLC (the “Issuer”), had
completed the exchange of all of the $150 million aggregate
principal amount of the Issuer’s 7% Exchangeable Secured Notes due
2028 (the “Exchangeable Notes”).
Stephen D. Lebovitz, CBL’s chief executive officer commented,
“We are pleased to reduce interest costs and convert debt to equity
through this exchange within 90 days of our emergence. A key
priority for CBL is to pursue additional opportunities to further
strengthen our balance sheet throughout our capital structure.”
On December 1, 2021, the Company announced that the Issuer had
exercised the Issuer’s optional exchange right (the “Issuer-Elected
Exchange”) with respect to all of the Exchangeable Notes. The
exchange date for the Issuer-Elected Exchange was January 28, 2022,
and settlement of the Issuer-Elected Exchange occurred on February
1, 2022. Per the terms of the indenture governing the Exchangeable
Notes, the Issuer elected to settle the Issuer-Elected Exchange in
shares of common stock, par value $0.001, of the Company (“Common
Stock”), plus cash in lieu of fractional shares. As a result, on
February 1, 2022, the Company issued 10,982,795 shares of Common
Stock to holders of the Exchangeable Notes in satisfaction of the
principal, accrued interest and makewhole payment, and all of the
Exchangeable Notes were cancelled in accordance with the terms of
the indenture.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market‑dominant properties located
in dynamic and growing communities. CBL’s owned and managed
portfolio is comprised of 99 properties totaling 63.0 million
square feet across 24 states, including 61 high-quality enclosed
malls, outlet and lifestyle retail centers as well as open-air
centers and other assets. CBL seeks to continuously strengthen its
company and portfolio through active management, aggressive leasing
and profitable reinvestment in its properties. For more information
visit 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” included therein,
for a discussion of such risks and uncertainties.
CBL_Corp
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version on businesswire.com: https://www.businesswire.com/news/home/20220201006137/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com Media Contact: Stacey Keating,
Vice President– Corporate Communications, 423.490.8361,
Stacey.Keating@cblproperties.com
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