CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced $481.1
million in financing activity at a combined estimated weighted average
interest rate of 5.42% and a weighted average term of 6.8 years.
Year-to-date the Company has closed ten separate non-recourse secured
mortgages. Proceeds were used to repay approximately $370.0 million on
the Company’s $520.0 million credit facility and $90.0 million in
existing loans scheduled to mature in 2011. Eight of the new loans were
secured with properties previously used as collateral to secure the
$520.0 million credit facility.
Commenting on the financings, John Foy, Vice Chairman and Chief
Financial Officer, said, “We are pleased to announce more than $480
million in financing activity at very favorable terms. These
transactions demonstrate our strong access to the debt markets and
create $370 million of credit availability under the $520 million credit
facility. Additionally, they further strengthen our balance sheet by
significantly reducing our exposure to floating rate and recourse debt.”
CBL closed six separate ten-year loans including a $95.0 million loan
secured by Parkdale Mall and Parkdale Crossing in Beaumont, TX; a $99.4
million loan secured by Park Plaza in Little Rock, AR; a $44.1 million
loan secured by Eastgate Mall in Cincinnati, OH; a $19.8 million loan
secured by Wausau Center in Wausau, WI; a $92.0 million loan secured by
Mid Rivers Mall in St. Charles, MO, and a $10.6 million loan secured by
Hamilton Crossing in Chattanooga, TN. The loans bear an effective
weighted average fixed interest rate of 5.7%. The loans are not
cross-collateralized.
CBL also closed four separate five-year loans including a $36.4 million
loan secured by Stroud Mall in Stroudsburg, PA; a $58.1 million loan
secured by York Mall in York, PA; a $12.1 million loan secured by
Gunbarrel Pointe in Chattanooga, TN, and a $13.6 million loan secured by
Coolsprings Crossings in Nashville, TN. The loans bear an effective
weighted average fixed interest rate of 4.5%. The loans are not
cross-collateralized.
These transactions address the majority of the Company’s mortgage
maturities for 2011.
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 156 properties, including 84 regional malls/open-air centers.
The properties are located in 26 states and total 84.3 million square
feet including 2.9 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, 423-490-8301
Vice
President - Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com