CBL CBL and Associates Properties Inc

CBL & Associates Properties, Inc. (NYSE: CBL) today announced the completion of $383.3 million of financing in four separate transactions. CBL completed $343.7 million of new financing and extended the maturity of one $39.6 million existing loan. CBL has entered into a new, unsecured term facility for up to $228.0 million. The facility will have an initial term of three years with two one-year extensions at the Company�s option and will bear interest based on leverage (debt to Gross Asset Value) in the range of 150 to 180 basis points over the LIBOR. The banks participating in the new term loan include Wells Fargo Bank as Lead Arranger; Aareal Capital Corporation, Regions Bank, US Bank, Fifth Third Bank and Raymond James Bank. �We are pleased to have completed more than $383 million in financing, providing CBL with additional flexibility in the execution of our strategic plan,� said John N. Foy, Chief Financial Officer. �While the capital environment continues to be constrained, the strength of our long-term relationships and support from lenders remain firm.� CBL also announced that the 50/50 joint venture between CBL and an institutional investor advised by Commonwealth Realty Advisors, Inc. has entered into a $100.0 million, interest-only non-recourse five-year loan secured by Friendly Center and six adjacent office buildings in Greensboro, NC. The loan has a fixed interest rate of 5.33%. The joint venture has also completed a $15.7 million, interest-only non-recourse five-year loan secured by Renaissance Center in Durham, NC. The loan has a fixed interest rate of 5.22%. CBL entered into a separate one-year extension of the $39.6 million, non-recourse loan secured by Oak Hollow Mall in High Point, NC. The extension maintains the interest rate of 7.31%. Foy added, �CBL�s strategy of limiting interest rate risk has proved to be a sound one in this environment. We have made a point to reduce our exposure to any one economic period by averaging out debt maturities and locking in secured financing when available. We are well on our way to completing the remaining loan maturities in 2008 as well as beginning to address our 2009 maturities.� 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 162 properties, including 86 regional malls/open-air centers. The properties are located in 27 states and total 85.0 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has fifteen projects under construction totaling 4.0 million square feet including Pearland Town Center, Houston (Pearland), TX; The Pavilion at Port Orange, Port Orange, FL; Settlers Ridge in Pittsburgh, PA; Hammock Landing in West Melbourne, FL; two lifestyle/associated centers, eight expansions/redevelopments and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. Additional information can be found at http://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.