CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
closed on a non-recourse $73.0 million loan secured by Fremaux Town
Center in Slidell, LA. The 10-year loan bears a fixed interest rate of
3.70%. Wells Fargo served as the lender. Proceeds from the loan were
used to retire two existing construction loans with an aggregate balance
of $73.0 million.
“This financing demonstrates our continued strong access to capital,”
said Farzana K. Mitchell, Chief Financial Officer. “Replacing the
floating rate construction loans with this attractively priced long-term
fixed-rate loan further enhances the strength of our balance sheet. We
are pleased to have completed two major financing transactions with
institutional lenders totaling $185 million within the past week.”
CBL owns the 633,000-square-foot open-air 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/20160610005566/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.