CBL CBL and Associates Properties Inc

CBL & Associates Properties, Inc. (NYSE: CBL) today announced $288.1 million of new financings as well as a commitment for a new $85.0 million term loan. These financings and commitment address all of CBL�s remaining maturities for 2008. �We are pleased to successfully address all of our remaining 2008 maturities,� said John N. Foy, vice chairman and chief financial officer. �The favorable terms and rates we were able to secure demonstrate the strong relationships and credit quality CBL continues to enjoy.� CBL has entered into a new $164.0 million 10-year non-recourse loan with a large retirement system and Northwestern Mutual. The loan is secured by Hanes Mall in Winston-Salem, NC and bears a fixed interest rate of 6.99%. The loan replaces a $97.6 million loan at an interest rate of 7.31%. CBL has entered into a new $87.5 million three-year term loan secured by Rivergate Mall and the Village at Rivergate in Nashville, TN with Aareal Capital Corporation. The loan will have two, one-year extension options and will be 50% recourse. The loan will have a variable interest rate of 225 basis points over LIBOR. In conjunction with the new loan, CBL has entered into an $87.5 million pay fixed/receive variable swap to effectively fix the interest rate at 5.85%. CBL also entered into a loan modification agreement with a life insurance company to modify and extend its existing $36.6 million loan secured by Hickory Hollow Mall and Courtyard at Hickory Hollow in Nashville, TN. The loan was extended for ten years, is fully recourse and bears a fixed interest rate of 6.00%. The net proceeds from these loans, combined with the loan modification, replace an existing $153.2 million loan bearing an interest rate of 6.77% secured by Rivergate Mall, The Village at Rivergate, Hickory Hollow Mall, and Courtyard at Hickory Hollow. CBL used a portion of the proceeds from the financings to pay off the existing $84.6 million loan secured by Meridian Mall in Okemos, MI. CBL has entered into a commitment with Wells Fargo Bank for a new, fully recourse term loan secured by Meridian Mall. The $85.0 million loan will have an initial term of two years, with a one-year extension option and will bear an interest rate of 300 basis points over LIBOR. CBL expects to close this loan within the next 60 days. Excess proceeds will be used to pay down outstanding balances on the Company�s lines of credit. 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 15 properties, including 87 regional malls/open-air centers. The properties are located in 27 states and total 84.2 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has thirteen projects under construction totaling 3.8 million square feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; Hammock Landing in West Melbourne, FL; The Promenade in D�Iberville, MS; two lifestyle/associated centers, six 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 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.