CBL Properties Completes Extension and Modification of $134.1 Million Non-Recourse Loan Secured by Fayette Mall
March 01 2022 - 3:00PM
Business Wire
CBL Properties (NYSE: CBL) today announced that it had closed on
the extension and modification of the $134.1 million non-recourse
loan secured by Fayette Mall in Lexington, KY. The loan maturity
has been extended for two years, with three additional one-year
extension options, subject to certain requirements. The fixed
interest rate was reduced from 5.42% to 4.25%. As part of the
modification, two ground leased outparcels were released from the
collateral in exchange for the addition of the redeveloped former
middle anchor location.
Stephen D. Lebovitz, CBL’s chief executive officer commented,
“The favorable terms of this loan extension and modification
demonstrate the financial community’s confidence in CBL and our
properties. We not only lengthened our maturity schedule, but
significantly reduced interest expense and provided future
flexibility with the release of two ground leased outparcels. We
look forward to making future announcements as we make further
progress improving the strength of our balance sheet.”
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 centers and lifestyle retail centers as well as more
than 30 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
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version on businesswire.com: https://www.businesswire.com/news/home/20220301006010/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
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