CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
has closed four separate non-recourse loans totaling $202.2 million.
After consideration of the mortgage loan balances retired, the new loans
generated excess proceeds of $64.1 million. CBL had paid off several of
the existing mortgage loans earlier in the year using its lines of
credit. Total proceeds were used to reduce outstanding balances on the
Company’s lines of credit.
Three separate ten-year non-recourse CMBS loans were secured by
Southpark Mall in Richmond (Colonial Heights), VA; Jefferson Mall in
Louisville, KY; and Fashion Square in Saginaw, MI. CBL also completed a
ten-year non-recourse loan with an insurance company secured by CBL
Center I and II in Chattanooga, TN. The four loans carry a weighted
average fixed interest rate of 4.85%.
Commenting on the financings, John Foy, Vice Chairman and Chief
Financial Officer, said, “The new loans are indicative of the strong
demand we are receiving in the CMBS market. We are pleased to benefit
from the favorable interest rate environment by reducing the average
borrowing rate on these loans from 6.62% to 4.85%.”
Year-to-date, CBL has completed more than $416.0 million in mortgage
financings, generating excess proceeds of approximately 143.0 million,
substantially addressing CBL’s mortgage maturities in 2012.
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 160 properties, including 90 regional malls/open-air centers.
The properties are located in 27 states and total 87.3 million square
feet including 3.6 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.
CBL & Associates Properties, Inc.
Katie Reinsmidt,
423-490-8301
Vice President - Corporate Communications and Investor
Relations
katie_reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.