CBL refinancing yields $160 million in cash proceeds

CBL refinancing yields $160 million in cash proceeds

January 3rd, 2012 by Staff Report in Local - Breaking News

CBL Chief Financial Officer John Foy

Photo by Contributed Photo/Times Free Press.

CBL & Associates Properties, Inc., announced today that it refinanced $383 million of debt during December to free up more than $160 million in excess proceeds.

"These new loans demonstrate our continued strong borrowing relationships as well as the tremendous value in our dominant mall assets," CBL Chief Financial Officer John Foy said.

The Chattanooga-based shopping center development firm said it closed a $140 million, 10-year non-recourse loan with an institutional lender secured by Cross Creek Mall in Fayetteville, N.C. at an interest rate of 4.54 percent. CBL also closed a $60 million, 10-year non-recourse CMBS loan secured by The Outlet Shoppes at Oklahoma City bearing a fixed interest rate of 5.73 percent.

CBL closed a five-year extension and amendment of the existing non-recourse loan secured by St. Clair Square in Fairview Heights in St. Louis, increasing the borrowing amount to $125 million, and a recourse loan secured by The Promenade in D'Iberville, Miss.

In total during 2011, CBL completed more than $2.3 billion in financing activity, including three credit facilities totaling $1.15 billion and property-specific debt totaling $1.18 billion.

CBL owns or manages 159 properties in 26 states, including the Hamilton Place and Northgate Malls in Chattanooga.

Follow the latest Chattanooga news on Facebook