Business & Finance
Thu, April 21, 2011Wed, April 20, 2011Tue, April 19, 2011Mon, April 18, 2011Sun, April 17, 2011Fri, April 15, 2011Thu, April 14, 2011Wed, April 13, 2011Tue, April 12, 2011Mon, April 11, 2011CBL Completes More Than $480 Million in Financing Activity
Published in Business and Finance on Monday, April 18th 2011 at 6:10 GMT by Market Wire
CHATTANOOGA, Tenn.--([ BUSINESS WIRE ])--CBL & Associates Properties, Inc. (NYSE: CBL) today announced $481.1 million in financing activity at a combined estimated weighted average interest rate of 5.42% and a weighted average term of 6.8 years. Year-to-date the Company has closed ten separate non-recourse secured mortgages. Proceeds were used to repay approximately $370.0 million on the Companya™s $520.0 million credit facility and $90.0 million in existing loans scheduled to mature in 2011. Eight of the new loans were secured with properties previously used as collateral to secure the $520.0 million credit facility.
"Management's Discussion and Analysis of Financial Condition and Results of Operations"
Commenting on the financings, John Foy, Vice Chairman and Chief Financial Officer, said, aWe are pleased to announce more than $480 million in financing activity at very favorable terms. These transactions demonstrate our strong access to the debt markets and create $370 million of credit availability under the $520 million credit facility. Additionally, they further strengthen our balance sheet by significantly reducing our exposure to floating rate and recourse debt.a
CBL closed six separate ten-year loans including a $95.0 million loan secured by Parkdale Mall and Parkdale Crossing in Beaumont, TX; a $99.4 million loan secured by Park Plaza in Little Rock, AR; a $44.1 million loan secured by Eastgate Mall in Cincinnati, OH; a $19.8 million loan secured by Wausau Center in Wausau, WI; a $92.0 million loan secured by Mid Rivers Mall in St. Charles, MO, and a $10.6 million loan secured by Hamilton Crossing in Chattanooga, TN. The loans bear an effective weighted average fixed interest rate of 5.7%. The loans are not cross-collateralized.
CBL also closed four separate five-year loans including a $36.4 million loan secured by Stroud Mall in Stroudsburg, PA; a $58.1 million loan secured by York Mall in York, PA; a $12.1 million loan secured by Gunbarrel Pointe in Chattanooga, TN, and a $13.6 million loan secured by Coolsprings Crossings in Nashville, TN. The loans bear an effective weighted average fixed interest rate of 4.5%. The loans are not cross-collateralized.
These transactions address the majority of the Companya™s mortgage maturities for 2011.
About CBL & Associates Properties, Inc.
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 156 properties, including 84 regional malls/open-air centers. The properties are located in 26 states and total 84.3 million square feet including 2.9 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. 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" incorporated by reference therein, for a discussion of such risks and uncertainties.
