CBL Completes More Than $480 Million in Financing Activity
April 18 2011 - 9:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced $481.1 million in financing activity at a combined
estimated weighted average interest rate of 5.42% and a weighted
average term of 6.8 years. Year-to-date the Company has closed ten
separate non-recourse secured mortgages. Proceeds were used to
repay approximately $370.0 million on the Company’s $520.0 million
credit facility and $90.0 million in existing loans scheduled to
mature in 2011. Eight of the new loans were secured with properties
previously used as collateral to secure the $520.0 million credit
facility.
Commenting on the financings, John Foy, Vice Chairman and Chief
Financial Officer, said, “We are pleased to announce more than $480
million in financing activity at very favorable terms. These
transactions demonstrate our strong access to the debt markets and
create $370 million of credit availability under the $520 million
credit facility. Additionally, they further strengthen our balance
sheet by significantly reducing our exposure to floating rate and
recourse debt.”
CBL closed six separate ten-year loans including a $95.0 million
loan secured by Parkdale Mall and Parkdale Crossing in Beaumont,
TX; a $99.4 million loan secured by Park Plaza in Little Rock, AR;
a $44.1 million loan secured by Eastgate Mall in Cincinnati, OH; a
$19.8 million loan secured by Wausau Center in Wausau, WI; a $92.0
million loan secured by Mid Rivers Mall in St. Charles, MO, and a
$10.6 million loan secured by Hamilton Crossing in Chattanooga, TN.
The loans bear an effective weighted average fixed interest rate of
5.7%. The loans are not cross-collateralized.
CBL also closed four separate five-year loans including a $36.4
million loan secured by Stroud Mall in Stroudsburg, PA; a $58.1
million loan secured by York Mall in York, PA; a $12.1 million loan
secured by Gunbarrel Pointe in Chattanooga, TN, and a $13.6 million
loan secured by Coolsprings Crossings in Nashville, TN. The loans
bear an effective weighted average fixed interest rate of 4.5%. The
loans are not cross-collateralized.
These transactions address the majority of the Company’s
mortgage maturities for 2011.
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 156 properties, including 84 regional
malls/open-air centers. The properties are located in 26 states and
total 84.3 million square feet including 2.9 million square feet of
non-owned shopping centers managed for third parties. 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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