Chattanooga-based mall operator CBL exercises exchange right
Chattanooga-based shopping center operator CBL & Associates Properties Inc. on Wednesday announced that its wholly-owned subsidiary, CBL & Associates Holdco II LLC, had exercised its optional exchange right with respect to all of the $150 million aggregate principal amount of the issuer’s 7% exchangeable secured notes due 2028.
The issuer has notified holders that the exchange date will be Jan. 28, 2022, and the settlement date for the exchange will be Feb. 1, 2022, according to CBL.
Under the terms of the indenture governing the exchangeable notes, the issuer has until Jan. 31, 2022, to determine whether holders shall receive shares of CBL common stock, cash or a combination of both on the settlement date, the company said. But the issuer currently expects to deliver shares of CBL common stock.
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