CBL Properties Provides Update on COVID-19 Response
March 25 2020 - 4:15PM
Business Wire
CBL Draws Line of Credit and Suspends
Guidance
CBL Properties (NYSE:CBL) today issued the following statement
regarding COVID-19 events and impacts:
“Over the past few weeks, CBL has made the safety of our
employees, our customers, our tenants and the communities we serve
our top priority,” said Stephen Lebovitz, CBL’s Chief Executive
Officer. “I am proud of the CBL organization’s commitment and
response as we face this unprecedented situation.
“Given the difficulty of accurately predicting the financial and
economic ramifications of the pandemic, we have taken immediate
steps to preserve our liquidity position by drawing $280 million
under our line of credit. This action serves to maximize our
financial flexibility during this period of uncertainty. As a
reminder, we are also preserving liquidity through the suspension
of our preferred and common stock dividends and have no unsecured
debt maturities until 2023. Finally, we have made the decision to
withdraw our previously issued earnings guidance for 2020.”
The $280 million aggregate draw represents substantially all of
the remaining available balance on the line of credit. CBL’s
outstanding balance as of March 25, 2020, was $681 million.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s portfolio is comprised of
108 properties totaling 68.2 million square feet across 26 states,
including 68 high‑quality enclosed, outlet and open-air retail
centers and 9 properties managed for third parties. CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information, visit 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" included therein,
for a discussion of such risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20200325005718/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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