CBL completes redemption of senior secured notes
CBL Properties on Thursday announced that it has completed a partial redemption of outstanding 10% senior secured notes.
The notes were redeemed utilizing CBL’s share of net proceeds from the previously announced new $65 million non-recourse loan, according to the Chattanooga-based shopping center developer and operator.
“We are thrilled to close this new 10-year fixed-rate loan and complete the partial notes redemption,” said Stephen Lebovitz, chief executive officer of CBL Properties, in a statement. “We continue to make additional progress on our goal of redeeming the $335 million of remaining 10% notes and look forward to making an announcement in the near term.”
CBL Properties owns and manages a national portfolio of market-dominant properties in 24 states, including Hamilton Place and Northgate malls in Chattanooga.