CBL Completes More Than $1.6 Billion in Financings in 2009 and Launches 2010 with New $72 Million Loan
January 13 2010 - 9:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that it closed a $72.0 million non-recourse loan secured
by St. Clair Square in Fairview Heights, IL. The new five-year loan
bears a floating interest rate of LIBOR plus 400 basis points. This
loan replaces the existing $58.0 million loan, which was scheduled
to mature in April 2010. Concurrent with the closing, CBL entered
into a two-year LIBOR cap agreement with an associated strike rate
of 3.0%.
This announcement marks the continued financing successes of
CBL. In 2009, CBL refinanced or extended more than $1.6 billion in
mortgage loans and credit facilities. These included the extension
of its three major credit facilities, while maintaining full
lending capacity aggregating $1.2 billion, as well as successfully
addressing nine property-specific mortgages or construction loans
totaling more than $360.0 million.
Commenting on the closing, John N. Foy, Chief Financial Officer,
said, “We are proud of our financing achievements and continue to
demonstrate our ability to access credit and financial resources.
We are well underway with refinancing efforts for our 2010
maturities and are confident that we will successfully address all
of our maturities while continuing our conservative approach of
laddering maturities into the future.”
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 163 properties, including 88 regional
malls/open-air centers. The properties are located in 27 states and
total 87.8 million square feet including 3.0 million square feet of
non-owned shopping centers managed for third parties. CBL currently
has one project under construction totaling 500,000 square feet,
The Pavilion at Port Orange in Port Orange, FL. Headquartered in
Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA,
Dallas (Irving), 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.
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