CBL Closes Long-Term Fixed-Rate Loan Secured by Fremaux Town Center
11 June 2016 - 12:50AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that it closed on a non-recourse $73.0 million loan
secured by Fremaux Town Center in Slidell, LA. The 10-year loan
bears a fixed interest rate of 3.70%. Wells Fargo served as the
lender. Proceeds from the loan were used to retire two existing
construction loans with an aggregate balance of $73.0 million.
“This financing demonstrates our continued strong access to
capital,” said Farzana K. Mitchell, Chief Financial Officer.
“Replacing the floating rate construction loans with this
attractively priced long-term fixed-rate loan further enhances the
strength of our balance sheet. We are pleased to have completed two
major financing transactions with institutional lenders totaling
$185 million within the past week.”
CBL owns the 633,000-square-foot open-air center in a 65/35
joint venture with Stirling Properties, LLC based in Covington, LA.
All amounts above are reflected at 100%.
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, 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 147
properties, including 91 regional malls/open-air centers. The
properties are located in 31 states and total 84.3 million square
feet including 8.6 million square feet of non-owned shopping
centers managed for third parties. Additional information can be
found at cblproperties.com.
Forward-Looking Statements
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160610005566/en/
CBL & Associates Properties, Inc.Investor Contact:Katie
Reinsmidt, 423-490-8301Senior Vice President - Investor Relations
and Corporate Investmentskatie.reinsmidt@cblproperties.com
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