CBL - CBL Properties to redeem $335M outstanding senior notes due 2029

CBL Properties (NYSE:CBL) will fully redeem all $335M outstanding 10% Senior Secured Notes due 2029 on June 7, 2022. The redemption will be funded using proceeds from a new $360M non-recourse loan to be secured by a pool of high-quality outparcels and open-air centers. The transaction is conditioned upon the receipt by the issuer (CBL's wholly-owned subsidiary CBL & Associates Holdco II) of net cash proceeds from the new financing. CEO Stephen Lebovitz stated: "Following the redemption of the remaining outstanding 10% Notes, the corporate guaranty is eliminated, free cash flow is improved through a reduction in interest expense, and we will have more than $75 million in estimated unencumbered NOI, providing meaningful future financial flexibility. With more than $335 million of cash on hand at first quarter-end and considerable ongoing generation of free cash flow from operations, we are extremely well-positioned to pursue opportunities that will return excellent value

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CBL Properties to redeem $335M outstanding senior notes due 2029