CBL Properties Announces Exercise of Company Optional Exchange Right Under 7% Exchangeable Secured Notes
December 01 2021 - 4:30PM
Business Wire
CBL & Associates Properties, Inc. (“CBL,” “CBL Properties”
or the “Company”) (NYSE: CBL) today announced that its wholly-owned
subsidiary, CBL & Associates Holdco II, LLC (the “Issuer”), had
exercised its optional exchange right with respect to all of the
$150 million aggregate principal amount of the Issuer’s 7%
Exchangeable Secured Notes due 2028 (the “Exchangeable Notes”). The
Issuer has notified holders that the exchange date will be January
28, 2022, and the settlement date for the exchange will be February
1, 2022. Under the terms of the indenture governing the
Exchangeable Notes, the Issuer has until January 31, 2022, to
determine whether holders shall receive shares of CBL common stock,
cash or a combination of both on the settlement date; however, the
Issuer currently expects to deliver shares of CBL common stock.
This press release does not constitute an offer to sell or
purchase, or a solicitation of an offer to sell or purchase, or the
solicitation of tenders or consents with respect to, any security.
No offer, solicitation, purchase or sale will be made in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
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 owned and managed
portfolio is comprised of 99 properties totaling 63.0 million
square feet across 24 states, including 61 high-quality enclosed
malls, outlet and lifestyle retail centers as well as open-air
centers and other assets. 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.
CBL_Corp
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211201006105/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com Media Contact: Stacey Keating,
Vice President– Corporate Communications, 423.490.8361,
Stacey.Keating@cblproperties.com
CBL and Associates Prope... (NYSE:CBL)
Historical Stock Chart
From Apr 2024 to May 2024
CBL and Associates Prope... (NYSE:CBL)
Historical Stock Chart
From May 2023 to May 2024