CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
closed the extension and modification of its $525 million secured line
of credit, maintaining 100% lending capacity. The facility has been
extended from February 2010 to February 2012, with an option to extend
the maturity for one additional year to February 2013 (subject to
continued compliance with the terms of the facility). The Company is
also currently in documentation stages for the closing of the previously
announced extension and modification of the full amount of its $560
million unsecured facility, which will convert to a secured facility
over the new term. CBL anticipates closing the $560 million facility
within 45 days.
Commenting on the closing, John N. Foy, Chief Financial Officer, said,
"We are pleased to have maintained 100% capacity on both of our major
lines of credit; a demonstration of the strength of our lending
relationships and the confidence they have in our business. We have
enjoyed a long and mutually beneficial relationship with our bank group
and look forward to continuing that partnership for years to come."
The extension and modification agreement calls for amounts outstanding
under the $525 million secured facility to bear interest at an annual
rate equal to one-month, three-month, or six-month LIBOR (at the
Company's option) plus 325 to 425 basis points, with LIBOR subject to a
minimum of 1.50% for periods commencing on or after January 1, 2010.
Wells Fargo Bank NA is the administrative agent under this facility.
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 161 properties, including 89 regional malls/open-air centers.
The properties are located in 27 states and total 86.8 million square
feet including 2.7 million square feet of non-owned shopping centers
managed for third parties. CBL currently has four projects under
construction totaling 2.3 million square feet including Settlers Ridge
in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The
Promenade in D'Iberville (Biloxi/Gulfport), MS; and one community
center. Headquartered in Chattanooga, TN, CBL has regional offices in
Boston (Waltham), MA, Dallas, 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.
Source: CBL & Associates Properties, Inc.
Contact: CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Vice President - Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com