CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that in
December 2011 it had closed four separate loans totaling $383.0 million.
After repayment of the existing loan balances, the new financing
activity generated excess proceeds of more than $160.0 million.
Commenting on the financings, John Foy, Vice Chairman and Chief
Financial Officer, said, “These new loans demonstrate our continued
strong borrowing relationships as well as the tremendous value in our
dominant mall assets. We are pleased to generate more than $160 million
in cash proceeds from these new financings, further enhancing the
flexibility of our balance sheet.”
CBL closed a $140.0 million ten-year non-recourse loan with an
institutional lender. The loan is secured by Cross Creek Mall in
Fayetteville, NC, and bears a fixed interest rate of 4.54%. CBL also
closed a $60.0 million ten-year non-recourse CMBS loan secured by The
Outlet Shoppes at Oklahoma City in Oklahoma City, OK, bearing a fixed
interest rate of 5.73%.
CBL closed a five-year extension and amendment of the existing
non-recourse loan secured by St. Clair Square in Fairview Heights (St.
Louis, MO), IL, increasing the borrowing amount to $125 million. The
loan interest rate was reduced to LIBOR plus 300 basis points. CBL also
closed a recourse loan secured by The Promenade in D’Iberville, MS, with
a three-year initial term and two two-year extension options. The loan
bears interest of 75% of LIBOR plus 175 basis points. These two loans
were financed with institutional banks.
In total during 2011, CBL completed more than $2.3 billion in financing
activity, including three credit facilities totaling $1.15 billion and
property-specific debt totaling $1.18 billion.
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 159 properties, including 87 regional malls/open-air centers.
The properties are located in 26 states and total 86.5 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.