Interest Rate Improved by Nearly 150 Basis Points
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
closed on a non-recourse $107.0 million loan secured by Hamilton Place
in Chattanooga, TN. The 10-year loan bears an interest rate of 4.36%.
Goldman Sachs Mortgage Company served as the lender. Proceeds from the
loan were used to retire an existing $98.2 million loan with an interest
rate of 5.86% that was scheduled to mature in August 2016. CBL’s share
of excess proceeds were utilized to reduce outstanding balances on its
lines of credit.
“The new financing – at very favorable terms – clearly demonstrates the
confidence of our lending relationships in CBL,” said Farzana K.
Mitchell, Chief Financial Officer. “The Hamilton Place financing and the
nearly $130 million in new equity already raised this year are evidence
of our continued access to attractively priced capital and strengthening
balance sheet.”
Hamilton Place is owned in a 90%/10% consolidated joint venture. All
amounts above are reflected at 100%.
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, 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 148 properties,
including 92 regional malls/open-air centers. The properties are located
in 31 states and total 85.5 million square feet including 8.6 million
square feet of non-owned shopping centers managed for third parties.
Additional information can be found at cblproperties.com.
Forward-Looking Statements
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" included therein, for a discussion of such risks
and uncertainties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160601006889/en/
CBL & Associates Properties, Inc.
Investor Contact:
Katie
Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations
and Corporate Investments katie.reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.