CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) announced today that it
has priced an underwritten public offering of 6,300,000 depositary
shares, each representing 1/10th of a share of its 7.375% Series D
Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per
depositary share. The Company also granted the underwriters of the
offering a 30-day option to purchase up to an additional 945,000
depositary shares to cover over-allotments. Following completion of this
offering (without giving effect to any exercise of the underwriters'
option to purchase additional depositary shares), the Company will have
13,300,000 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 $20.30 per share including accrued
dividends equating to a yield of 9.08%. The Company intends to use the
estimated net offering proceeds of $123.3 million to reduce outstanding
borrowings under its credit facilities and for general corporate
purposes. The offering is expected to close on March 1, 2010, subject to
customary closing conditions.
Banc of America Securities LLC and Wells Fargo Securities, LLC are
serving as the joint book-running managers 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 Banc of America Securities LLC, Attention:
Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, New
York 10001, 1-800-294-1322, email: dg.prospectus_distribution@bofasecurities.com
and 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 163 properties, including 88 regional malls/open-air centers.
The properties are located in 27 states and total 87.8 million square
feet including 3.0 million square feet of non-owned shopping centers
managed for third parties. CBL currently has one project under
construction totaling 500,000 square feet, The Pavilion at Port Orange
in Port Orange, FL. 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.
Source: CBL & Associates Properties, Inc.
Contact: Investor Contact:
CBL & Associates Properties, Inc.
Katie Reinsmidt
Vice President - Corporate Communications and Investor Relations
423-490-8301
katie_reinsmidt@cblproperties.com