CBL Properties Retires Two Loans Totaling $206 Million
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.
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
EVP – Chief Investment Officer
katie.reinsmidt@cblproperties.com
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