CBL Properties Retires Two Loans Totaling $206 Million
September 06 2017 - 11:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that it paid off two property-specific secured loans
totaling $206 million.
CBL paid off a $144.3 million loan secured by its Tier 1
property, Hanes Mall, in Winston-Salem, NC, which bore an interest
rate of 6.99% and was scheduled to mature in October 2018. The loan
was retired with a minimal prepayment fee.
CBL also retired at par the $61.6 million ($46.2 million at
CBL’s 75% share) loan secured by its Tier 1 joint venture outlet
center, The Outlet Shoppes at El Paso, in El Paso, TX. The loan was
scheduled to mature on December 5, 2017, and bore an interest rate
of 7.06%. CBL is currently early in the process of placing a new
loan secured by the property, which is anticipated to close in
2018.
“We are pleased to utilize excess cash resulting from our recent
bond issuance and availability on our lines of credit to prepay
higher interest rate loans on two high-quality properties,
generating significant interest rate savings,” said Farzana
Khaleel, CBL’s Chief Financial Officer. “Our balance sheet and
credit metrics continue to improve as we strengthen our
unencumbered asset base, lengthen our maturity schedule and lower
borrowing costs.”
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, 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 121
properties, including 78 regional malls/open-air centers. The
properties are located in 27 states and total 75.5 million square
feet including 6.3 million square feet of non-owned shopping
centers managed for third parties. Additional information can be
found at cblproperties.com.
Forward-Looking Statements
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: http://www.businesswire.com/news/home/20170906005490/en/
CBL & Associates Properties, Inc.Katie Reinsmidt,
423-490-8301EVP – Chief Investment
Officerkatie.reinsmidt@cblproperties.com
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