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.
Twitter shareholders sue Musk for deflating shares
Twitter shareholders have filed a lawsuit against billionaire Elon Musk, accusing him of unlawfully sowing doubt about his bid to buy Twitter.
They say the Tesla CEO's aim has been to drive down Twitter's stock price because he wants to walk away from the deal or negotiate a substantially lower purchase price. Twitter is also named as a defendant in the lawsuit, which was filed late Wednesday in the U.S. District Court for the Northern District of California.
A representative for Musk did not immediately respond to a message for comment on Thursday. Twitter declined to comment.
Germany says G-7 can end use of coal
BERLIN - Germany's energy and climate minister says the Group of Seven wealthy nations can lead the way on ending the use of coal.
Coal is a heavily polluting fossil fuel that's responsible for a large chunk of global greenhouse gas emissions.
Senior officials from the G-7 countries are holding a three-day meeting in Berlin. They will seek to agree common targets for the shift from fossil fuels to renewable energy that scientists say is urgently needed to curb climate change.
Getting the broader Group of 20 leading and emerging economies to sign on to ambitious targets set by some of the most advanced economies will be key, as countries such as China, India and Indonesia remain heavily reliant on coal.
Retailer results boost S&P 500 by 2 percent
Shares of Macy's, Dollar Tree and Dollar General jumped Thursday after all three retailers reported profits that defied Wall Street's expectations and cut against recent concerns about spending by American consumers.
The results lifted the stock market, with the S&P 500 gaining 2%.
Macy's shares rose 19.4% after the company said profit for its latest quarter more than doubled from the same period a year earlier. Macy's also raised its profit forecast for the year, saying shoppers had shifted away from the leisure wear of the pandemic and back to pricier clothing.
Discount chains also beat analysts' expectations, with Dollar Tree's profit climbing more than 40% in its latest quarter. Dollar General reported that profit fell 18%, which was smaller than forecast. Both companies upgraded their sales expectations for the year, and Dollar Tree also raised its forecast for profit growth. Shares of Dollar Tree jumped 21.9% while Dollar General rose 13.8%.
- Compiled by Dave Flessner