CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it
has executed a term sheet for the extension and modification of its
secured credit facility for up to $105.0 million. Subject to the
preparation and execution of loan documentation and other customary
closing conditions, the facility will be extended to June 2011 at an
interest of 300 basis points over the LIBOR with a floor rate of 4.5%.
First Tennessee Bank NA served as Administrative Agent.
"We are pleased to have finalized this extension, which is a
continuation of the Company’s efforts to solidify our balance sheet,”
said John Foy, Chief Financial Officer for CBL & Associates Properties,
Inc. "We appreciate the confidence and support of First Tennessee Bank
as well as each of the other banks involved in the line.”
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 Settlers Ridge
in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The
Promenade in D’Iberville, MS; and one lifestyle/associated centers.
Headquartered in Chattanooga, TN, CBL has regional offices in Boston
(Waltham), MA, Dallas, 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” incorporated by reference therein, for a
discussion of such risks and uncertainties.
