CHATTANOOGA, TN.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE: CBL) today announced that in December 2011 it had closed four separate loans totaling $383.0 million. After repayment of the existing loan balances, the new financing activity generated excess proceeds of more than $160.0 million.
Commenting on the financings, John Foy (top right photo), Vice Chairman and Chief Financial Officer, said, “These new loans demonstrate our continued strong borrowing relationships as well as the tremendous value in our dominant mall assets. We are pleased to generate more than $160 million in cash proceeds from these new financings, further enhancing the flexibility of our balance sheet.”
CBL closed a $140.0 million ten-year non-recourse loan with an institutional lender. The loan is secured by Cross Creek Mall (middle left photo) in Fayetteville, NC, and bears a fixed interest rate of 4.54%. CBL also closed a $60.0 million ten-year non-recourse CMBS loan secured by The Outlet Shoppes at Oklahoma City in Oklahoma City, OK, bearing a fixed interest rate of 5.73%.
CBL closed a five-year extension and amendment of the existing non-recourse loan secured by St. Clair Square in Fairview Heights (St. Louis, MO), IL, increasing the borrowing amount to $125 million. The loan interest rate was reduced to LIBOR plus 300 basis points.
CBL also closed a recourse loan secured by The Promenade (lower right photo) in D’Iberville, MS, with a three-year initial term and two two-year extension options. The loan bears interest of 75% of LIBOR plus 175 basis points. These two loans were financed with institutional banks.
In total during 2011, CBL completed more than $2.3 billion in financing activity, including three credit facilities totaling $1.15 billion and property-specific debt totaling $1.18 billion.
Additional information can be found at
Contacts
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Vice President - Corporate Communications and Investor Relations
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