CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
closed a $72.0 million non-recourse loan secured by St. Clair Square in
Fairview Heights, IL. The new five-year loan bears a floating interest
rate of LIBOR plus 400 basis points. This loan replaces the existing
$58.0 million loan, which was scheduled to mature in April 2010.
Concurrent with the closing, CBL entered into a two-year LIBOR cap
agreement with an associated strike rate of 3.0%.
This announcement marks the continued financing successes of CBL. In
2009, CBL refinanced or extended more than $1.6 billion in mortgage
loans and credit facilities. These included the extension of its three
major credit facilities, while maintaining full lending capacity
aggregating $1.2 billion, as well as successfully addressing nine
property-specific mortgages or construction loans totaling more than
$360.0 million.
Commenting on the closing, John N. Foy, Chief Financial Officer, said,
"We are proud of our financing achievements and continue to demonstrate
our ability to access credit and financial resources. We are well
underway with refinancing efforts for our 2010 maturities and are
confident that we will successfully address all of our maturities while
continuing our conservative approach of laddering maturities into the
future."
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: CBL & Associates Properties, Inc.
Katie Reinsmidt
Vice President - Corporate Communications and Investor Relations
423-490-8301
katie_reinsmidt@cblproperties.com