CBL completes the extension and modification of two unsecured term loans due to mature in 2018

CHATTANOOGA, Tenn., 2017-Aug-01 — /EPR Retail News/ — CBL & Associates Properties, Inc. (NYSE: CBL) today ( 7/31/2017) announced that it had closed the extension and modification of two unsecured term loans due to mature in 2018.

“We are extremely pleased to complete the extension and modification of these term loans,” said Stephen Lebovitz, president & chief executive officer. “With the significant negativity in the media toward the industry, this demonstrates the ongoing confidence and support by lenders in CBL and our strategy of owning dominant retail real estate.”

“Over the past several years, we have actively pursued balance sheet goals that included extending our maturity schedule as well as reducing our total debt,” said Farzana Khaleel, CBL’s chief financial officer. “We are reinforcing our liquidity by striking an appropriate balance between secured debt, unsecured term loans, lines of credit and public bonds. We are pleased to have the continued confidence and support of our lead banks, Wells Fargo and First Tennessee, as well as that of more than 15 other participating banks.”

Two unsecured term loans expiring in 2018 were modified and extended. The first, with a balance of $400 million, was increased to a balance of $490 million until July 2018, when it will be reduced to $300 million for the remainder of its term. New borrowings under this term loan were used to reduce outstanding balances on the Company’s unsecured lines of credit. The new term loan has an initial maturity date of July 2020 with two, one-year extension options (the 2nd option is at the lenders’ sole discretion), for a final maturity of July 2022. The term loan bears an interest rate of 150 basis points over LIBOR, based on CBL’s current investment grade rating of BBB-/Baa3/BBB-. Wells Fargo Bank National Association served as Administrative Agent; Citizens Bank, N.A. served as the syndication agent; and PNC Bank, National Association and U.S. Bank National Association served as documentation agents. Wells Fargo Securities, LLC, Citizens Bank, N.A., PNC Capital Markets LLC and U.S. Bank National Association served as Joint Lead Arrangers and Joint Bookrunners.

The second unsecured term loan, which currently has a balance of $50 million and was due to mature in February 2018, was modified to a new $45 million term loan. The new loan has an initial maturity date of June 2021 with an additional one-year extension option available at CBL’s discretion, for a final maturity of June 2022. The term loan bears interest at a rate of 165 basis points over LIBOR. First Tennessee Bank NA served as Administrative Agent.

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.

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.

Contact:
Katie Reinsmidt
423-490-8301
EVP – Chief Investment Officer
katie.reinsmidt@cblproperties.com

Source: CBL & Associates Properties, Inc.

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