CBL - CBL Properties exercises optional exchange right under 7% secured notes
CBL & Associates Properties' (NYSE:CBL) wholly-owned subsidiary CBL & Associates Holdco II exercises its optional exchange right with respect to all of the $150M aggregate principal amount of the issuer's 7% exchangeable secured notes due 2028. The exchange date will be Jan. 28 of next year, and the settlement date for the exchange will be Feb. 1, 2022, the company says. The issuer has until Jan. 31, 2022, to determine whether holders will receive shares of CBL common stock, cash or a combination of both on the settlement date, however, the issuer currently expects to deliver shares of CBL common stock. In mid-November, CBL Properties emerged from Chapter 11.
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CBL Properties exercises optional exchange right under 7% secured notes