CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced $298.8
million in non-recourse financing activity at a combined estimated
weighted average interest rate of 6.58%. The Company closed or entered
into agreements to close five separate non-recourse loans including one
new loan and the refinancing of four existing loans, generating total
net proceeds of $51.5 million, after repayment of the existing loans.
Commenting on the financings, John Foy, Vice Chairman and Chief
Financial Officer, said, “We are pleased to announce more than $298
million in financing activity at favorable terms. Combined with the
successful execution of our plan to pay off our three remaining 2010
CMBS loans at maturity, these financings will address all of our
remaining debt maturities this year. We continue to benefit from the
improving market conditions, including the reemerging CMBS market, and
are excited to generate more than $51 million in excess proceeds from
this financing activity.”
The Company closed a new $14.8 million loan secured by The Terrace, an
associated center in Chattanooga, TN. The ten-year loan bears a fixed
interest rate of 7.25%. CBL also closed an eight-year $115.0 million
loan secured by CoolSprings Galleria in Nashville, TN, with a fixed
interest rate of 6.98%. The loan replaced the existing $126.9 million
loan, which was scheduled to mature in September 2010.
CBL closed two separate ten-year, CMBS loans including an $83.0 million
loan secured by Burnsville Center in Minneapolis, MN, and a $21.0
million loan (representing CBL’s 50% share) secured by Parkway Place in
Huntsville, AL. CBL also entered into an agreement for a ten-year, $65.0
million non-recourse CMBS loan secured by Valley View Mall in Roanoke,
VA, which is expected to close within 30 days with an estimated interest
rate of 6.5%. The loan secured by Burnsville Center bears a fixed
interest rate of 6.0% and the loan secured by Parkway Place bears a
fixed interest rate of 6.5%. These loans will replace three existing
loans secured by these properties, aggregating $126.8 million that were
scheduled to mature in 2010.
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 87 regional malls/open-air centers.
The properties are located in 27 states and total 86.6 million square
feet including 2.2 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.
Source: CBL & Associates Properties, Inc.
Contact:
CBL & Associates Properties, Inc.
Katie Reinsmidt
Vice
President- Corporate Communications and Investor Relations
423-490-8301
katie_reinsmidt@cblproperties.com