CBL & Associates Properties Announces Exercise of Underwriters’ Option to Purchase Additional Common Stock
12 June 2009 - 11:00PM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) announced that
the underwriters have exercised their option to acquire 8,280,000
additional shares of our common stock. The option was granted to
the underwriters by the Company in connection with the Company�s
previously announced public offering of 58,350,000 shares of its
common stock. As a result of the exercise of this option, the
Company sold a total of 66,630,000 common shares in the offering
for net proceeds of approximately $382.0 million, after deducting
the underwriting discount and other estimated offering expenses.
The Company intends to use the net proceeds from the offering to
repay outstanding borrowings under its credit facilities and for
general corporate purposes.
This offering is being made pursuant to an effective shelf
registration statement filed by CBL with the Securities and
Exchange Commission. Merrill Lynch & Co. and Wachovia
Securities are acting as joint book-running managers for the
offering. KeyBanc Capital Markets is acting as lead manager for the
offering. Morgan Keegan & Company, Inc., PNC Capital Markets
LLC, Piper Jaffray and RBC Capital Markets are acting as�senior
co-managers for the offering. BB&T Capital Markets, Raymond
James, Societe Generale and Wedbush Morgan Securities Inc. are
acting as co-managers for the offering. Subject to customary
conditions, the offering is expected to close on or about June 15,
2009.
To obtain a copy of the prospectus and the final prospectus
supplement for this offering please contact: Merrill Lynch &
Co., Attention: Prospectus Department, 4 World Financial Center,
New York, New York 10080, telephone: (212) 449-1000; or Wachovia
Securities, Attn: Equity Syndicate Dept., 375 Park Avenue, New
York, NY 10152, 1-800-326-5897, equity.syndicate@wachovia.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction. The
offering may be made only by means of a prospectus supplement and
the related prospectus.
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 159 properties, including 88 regional
malls/open-air centers. The properties are located in 27 states and
total 86.0 million square feet including 2.2 million square feet of
non-owned shopping centers managed for third parties. CBL currently
has four projects under construction totaling 2.4 million square
feet including The Promenade in D'Iberville, MS; Settlers Ridge in
Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; and
one open-air center. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas, TX, and St.
Louis, MO.
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 results,
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 information
under the caption �Supplemental Risk Factors� in the prospectus
supplement, when available, for the offering described herein and
the information under the captions �Risk Factors� and �Management's
Discussion and Analysis of Financial Condition and Results of
Operations� in the company�s Annual Report on Form 10-K for the
year ended December 31, 2008 and in its Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2009, for a
discussion of such risks and uncertainties.
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