CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
closed on a non-recourse $47.7 million loan secured by Ambassador Town
Center in Lafayette, LA. The 7-year loan bears a fixed interest rate of
3.22% and was provided by a new institutional lender. Proceeds from the
loan were primarily used to retire the existing construction loans with
an aggregate balance of $41.9 million with excess proceeds used to fund
remaining construction costs.
“We are pleased to complete our third recent financing, bringing our
total financing activity for just this month to over $227 million,” said
Farzana K. Mitchell, Chief Financial Officer. “This attractively priced
new loan further reduces our floating rate debt and adds to our
well-laddered maturity schedule. Our recent financing activities
continue to strengthen our balance sheet and improve our financial
flexibility.”
Ambassador Town Center is a 430,000-square-foot open-air center anchored
by Costco, Dick’s Sporting Goods, Field & Stream, Marshall’s, Home
Goods, and Nordstrom Rack. CBL owns the center in a 65/35 joint venture
with Stirling Properties, LLC based in Covington, LA. 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 147 properties,
including 91 regional malls/open-air centers. The properties are located
in 31 states and total 84.3 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/20160623005949/en/
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior
Vice President - Investor Relations and Corporate Investments
katie.reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.