CBL Properties Announces Sale of Imperial Valley Mall for $38.1 Million
CBL Properties (NYSE:CBL) has announced the successful sale of Imperial Valley Mall in El Centro, CA, for $38.1 million in an all-cash transaction. The property was collateral under CBL's non-recourse term loan, and the net proceeds were applied to reduce the term loan principal balance to $630.8 million.
CEO Stephen D. Lebovitz highlighted that this sale demonstrates continued demand for stable enclosed malls and positions CBL to meet the non-recourse term loan principal balance extension test in November 2025 without requiring additional capital beyond required amortization. The transaction has contributed to strengthening CBL's balance sheet by reducing total debt and extending their maturity schedule.
CBL Properties (NYSE:CBL) ha annunciato la vendita avvenuta con successo del Imperial Valley Mall a El Centro, CA, per 38,1 milioni di dollari in un'operazione completamente in contante. La proprietà era un collaterale per il prestito a termine non ricorsivo di CBL, e il ricavato netto è stato utilizzato per ridurre il saldo principale del prestito a termine a 630,8 milioni di dollari.
Il CEO Stephen D. Lebovitz ha sottolineato che questa vendita dimostra la continua domanda per centri commerciali chiusi stabili e posiziona CBL per soddisfare il test di estensione del saldo principale del prestito a termine non ricorsivo a novembre 2025 senza richiedere capitale aggiuntivo oltre all'ammortamento richiesto. La transazione ha contribuito a rafforzare il bilancio di CBL riducendo il debito totale e prolungando il loro programma di scadenza.
CBL Properties (NYSE:CBL) ha anunciado la exitosa venta del Imperial Valley Mall en El Centro, CA, por 38.1 millones de dólares en una transacción completamente en efectivo. La propiedad era un colateral bajo el préstamo a término no recursivo de CBL, y los ingresos netos se aplicaron para reducir el saldo principal del préstamo a término a 630.8 millones de dólares.
El CEO Stephen D. Lebovitz destacó que esta venta demuestra la continua demanda por centros comerciales cerrados estables y posiciona a CBL para cumplir con la prueba de extensión del saldo principal del préstamo a término no recursivo en noviembre de 2025 sin requerir capital adicional más allá de la amortización requerida. La transacción ha contribuido a fortalecer el balance de CBL al reducir la deuda total y extender su programa de vencimientos.
CBL Properties (NYSE:CBL)는 엘 센트로, CA에 위치한 임페리얼 밸리 몰을 3,810만 달러에 현금 거래로 성공적으로 판매했다고 발표했습니다. 이 자산은 CBL의 비상환 조건부 대출의 담보였으며, 순수익은 조건부 대출의 원금 잔액을 6억 3,080만 달러로 줄이는 데 사용되었습니다.
CEO Stephen D. Lebovitz는 이번 판매가 안정적인 폐쇄형 쇼핑몰에 대한 지속적인 수요를 보여주며, CBL이 2025년 11월에 비상환 조건부 대출의 원금 잔액 연장 테스트를 충족할 수 있도록 위치시킨다고 강조했습니다. 이번 거래는 CBL의 재무 상태를 강화하는 데 기여했으며, 총 부채를 줄이고 만기 일정을 연장했습니다.
CBL Properties (NYSE:CBL) a annoncé la vente réussie du Imperial Valley Mall à El Centro, CA, pour 38,1 millions de dollars dans une transaction entièrement en espèces. La propriété était un collatéral dans le cadre du prêt à terme non recours de CBL, et le produit net a été utilisé pour réduire le solde principal du prêt à terme à 630,8 millions de dollars.
Le PDG Stephen D. Lebovitz a souligné que cette vente démontre la demande continue pour des centres commerciaux fermés stables et positionne CBL pour répondre au test d'extension du solde principal du prêt à terme non recours en novembre 2025 sans nécessiter de capital supplémentaire au-delà de l'amortissement requis. La transaction a contribué à renforcer le bilan de CBL en réduisant la dette totale et en prolongeant leur calendrier d'échéance.
CBL Properties (NYSE:CBL) hat den erfolgreichen Verkauf des Imperial Valley Mall in El Centro, CA, für 38,1 Millionen Dollar in einer Barzahlungstransaktion bekannt gegeben. Die Immobilie war ein Sicherheitenobjekt unter dem nicht rückzahlbaren Terminkredit von CBL, und die Nettoerlöse wurden verwendet, um den Hauptsaldo des Terminkredits auf 630,8 Millionen Dollar zu reduzieren.
CEO Stephen D. Lebovitz hob hervor, dass dieser Verkauf die anhaltende Nachfrage nach stabilen geschlossenen Einkaufszentren zeigt und CBL in die Lage versetzt, den Test zur Verlängerung des Hauptsaldos des nicht rückzahlbaren Terminkredits im November 2025 zu erfüllen, ohne zusätzliches Kapital über die erforderliche Amortisation hinaus zu benötigen. Die Transaktion hat zur Stärkung der Bilanz von CBL beigetragen, indem sie die Gesamtverschuldung reduzierte und den Fälligkeitstermin verlängerte.
- Sale of Imperial Valley Mall for $38.1 million in cash
- Reduction of term loan principal balance to $630.8 million
- Strengthened balance sheet through debt reduction
- Extended maturity schedule
- No additional capital required beyond amortization for 2025 extension test
- Reduction in property portfolio with loss of revenue-generating asset
Insights
This $38.1 million mall disposition represents a strategic move in CBL's ongoing balance sheet optimization efforts. The transaction's immediate impact on the term loan reduction to
The successful sale carries multiple positive implications: First, it demonstrates investor appetite for stabilized enclosed mall assets, suggesting potential value preservation in CBL's remaining portfolio. Second, meeting the November 2025 loan extension requirements without additional capital contributions beyond scheduled amortization provides important financial flexibility and reduces refinancing risk.
Looking at the broader context, this transaction aligns with CBL's post-bankruptcy strategy of selective asset monetization to optimize its portfolio and strengthen its capital structure. The company's ability to execute all-cash transactions in the current market environment, where mall financing remains challenging, indicates strong underlying asset quality and effective price positioning.
The debt reduction strategy is particularly timely given the higher interest rate environment, as lower leverage levels help improve debt service coverage ratios and maintain financial flexibility. This transaction contributes to CBL's efforts to extend its debt maturity profile and reduce its overall cost of capital, important factors for REITs operating in the current market cycle.
“We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed malls,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “This transaction puts us on course to meet the non-recourse term loan principal balance extension test in November 2025 without contributing further capital beyond required amortization. Our balance sheet has strengthened significantly through this and other recent transactions, reducing total debt and lengthening our maturity schedule.”
About CBL Properties
Headquartered in
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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View source version on businesswire.com: https://www.businesswire.com/news/home/20250217353962/en/
Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
Media Contact: Stacey Keating, Vice President– Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com
Source: CBL Properties
FAQ
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