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CBL Properties Completes Extension and Modification of $134.1 Million Non-Recourse Loan Secured by Fayette Mall
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Rhea-AI Summary
CBL Properties (NYSE: CBL) announced the extension and modification of a $134.1 million non-recourse loan secured by Fayette Mall in Lexington, KY. The loan’s maturity has been extended by two years, with three additional one-year options. Interest rates were reduced from 5.42% to 4.25%. The modification also released two ground leased outparcels in exchange for a redeveloped anchor location. CEO Stephen D. Lebovitz highlighted the loan's favorable terms as a sign of confidence from the financial community.
Positive
Loan maturity extended by two years with three one-year extension options.
Interest rate reduced from 5.42% to 4.25%.
Two ground leased outparcels released, enhancing operational flexibility.
Negative
None.
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL Properties (NYSE: CBL) today announced that it had closed on the extension and modification of the $134.1 million non-recourse loan secured by Fayette Mall in Lexington, KY. The loan maturity has been extended for two years, with three additional one-year extension options, subject to certain requirements. The fixed interest rate was reduced from 5.42% to 4.25%. As part of the modification, two ground leased outparcels were released from the collateral in exchange for the addition of the redeveloped former middle anchor location.
Stephen D. Lebovitz, CBL’s chief executive officer commented, “The favorable terms of this loan extension and modification demonstrate the financial community’s confidence in CBL and our properties. We not only lengthened our maturity schedule, but significantly reduced interest expense and provided future flexibility with the release of two ground leased outparcels. We look forward to making future announcements as we make further progress improving the strength of our balance sheet.”
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 99 properties totaling 63.0 million square feet across 24 states, including 61 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit 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.
