CBL Retires Westfield Joint Venture Preferred Units
18 September 2013 - 5:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that it has completed the redemption of all outstanding
perpetual preferred joint venture units (“PJV”) of its joint
venture, CW Joint Venture, LLC, (“CWJV”) with Westfield America
Limited Partnership (“Westfield”). The units were redeemed using
availability on the Company’s lines of credit for approximately
$408.6 million (plus any accrued and unpaid preferred return). The
PJV units were originally issued in 2007 as part of the acquisition
of four malls in St. Louis, MO, by CWJV.
“We are pleased to retire the Westfield preferred units and
further simplify our balance sheet as we continue to successfully
execute our capital plan,” said Stephen Lebovitz, CBL’s president
and CEO. “Throughout the year we have raised more than $425 million
through $220 million of portfolio-enhancing dispositions and $210
million of common stock issuances through our ATM program. These
activities have demonstrated both our strong access to multiple
capital sources and the demand for our market-dominant assets.”
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 154 properties, including 93 regional
malls/open-air centers. The properties are located in 31 states and
total 89.3 million square feet including 9.3 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" included therein,
for a discussion of such risks and uncertainties.
CBL & Associates Properties, Inc.Katie Reinsmidt,
423-490-8301Senior Vice President - Investor Relations and
Corporate Investmentskatie_reinsmidt@cblproperties.com
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