CBL - CBL Properties gets new loan to pay off $60M of 10% notes

CBL Properties (NYSE:CBL) will use cash on hand and proceeds from a new $65.0M non-recourse loan to pay for partial redemption of its outstanding 10% senior secured notes, the company said Tuesday. "This new loan and subsequent partial redemption of the 10% Notes will meaningfully strengthen our balance sheet, reduce our cost of capital, and enhance net cash flow," said CEO Stephen Lebovitz. A CBL (CBL) subsidiary delivered a conditional notice of redemption to holders of its 10% note dues 2029 to redeem $60.0M of the the notes on May 26, 2022. The redemption is conditioned upon the company receiving the net cash proceeds from the new financing. After the planned redemption, $335.0M principal amount of the 10% notes will remain outstanding. The new CMBS loan will be secured by a pool of five open-air centers owned in a 92/8 joint venture and located in Chattanooga, Tennessee. The open-air centers include Hamilton Crossing, Hamilton

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CBL Properties gets new loan to pay off $60M of 10% notes