CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it had completed $115.0 million in new financings. The Company entered into a $38.0 million ten-year, non-recourse loan secured by Midland Mall in Midland, MI, with a fixed interest rate of 6.10%. This loan replaces a $30.0 million term loan, which had a floating interest rate of 100 basis points over LIBOR and was scheduled to mature in June 2007. CBL also entered into a $77.0 million ten-year, non-recourse loan secured by Chapel Hill Mall in Akron, OH, with a fixed interest rate of 6.10%. This loan replaces a $66.5 million term loan, which had a floating interest rate of 100 basis points over LIBOR and was scheduled to mature in May 2007. CBL expects to use the excess proceeds from the refinancings to pay down outstanding balances on the Company's lines of credit.
CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 126 properties, including 79 regional malls/open-air centers. The properties are located in 26 states and total 72.7 million square feet including 1.6 million square feet of non-owned shopping centers managed for third parties. CBL currently has ten projects under construction totaling 2.7 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; two open-air shopping centers; two community centers, four associated/lifestyle centers and a mall expansion. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX. Additional information can be found at http://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.