CBL & Associates Properties, Inc. announced that it has closed on a $176 million floating-rate, non-recourse loan secured primarily by a pool of three lifestyle and open-air centers. The financing represents the second and final component of the Company?s refinancing of its former $634 million secured term loan. The new loan with Beal Bank USA is secured by Mayfaire Town Center (Wilmington, NC), Pearland Town Center (Pearland, TX), Southaven Town Center (Southaven, MS), and East Towne Mall (Madison, WI), all of which served as collateral under the prior term loan.
The loan carries a five-year term, includes two one-year extension options, and is interest-only with a floating interest rate of SOFR + 410 basis points. The transaction follows the Company?s previously announced closing of a $425 million non-recourse financing secured by a pool of enclosed mall assets. Together, the two financings complete the refinancing of the former secured term loan, extending the maturity by five years to 2031, enhancing CBL?s liquidity with a more than $30 million estimated annual improvement in free cash flow and reducing overall debt by more than $33 million.
Following the close, CBL?s estimated cash balance stands at more than $291 million.
CBL & Associates Properties, Inc. is a self-managed, self-administered, fully integrated real estate investment trust (REIT). The Company is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. The Company's segments include Malls, Lifestyle centers, Outlet centers, Open-air centers, and All Other. The Company owns and manages a portfolio comprised of over 87 properties totaling 55.1 million square feet across 23 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 20 open-air centers and other assets. The Company's portfolio includes The Courtyard at Hickory Hollow, Ashland Town Center, Mesa Mall, Paddock Mall, Southgate Mall, Parkdale Mall, Parkdale Crossing, Eastland Mall, Kirkwood Mall, Harford Mall Annex, Alamance Crossing West, Sunrise Mall, Sunrise Commons, Gateway Mall, among others.
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