CBL Announces Pricing of $150 Million of 6.625% Series E Cumulative Redeemable Preferred Stock
CBL & Associates Properties (NYSE: CBL), today announced the pricing of an underwritten public offering of 6,000,000 depositary shares, each representing 1/10th of a share of its newly designated 6.625% Series E Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per depositary share. The offering is expected to close on October 5, 2012. CBL granted the underwriters an option to purchase up to an additional 900,000 depositary shares within 30 days of the date of the final prospectus supplement referred to below. CBL may redeem, at its option, the depositary shares at a redemption price of $25.00 per depositary share, plus all accrued and unpaid dividends, on or after October 5, 2017.
CBL intends to file an application to list the depositary shares on the New York Stock Exchange (“NYSE”) under the symbol “CBLPrE.” If the application is approved, CBL expects trading of the depositary shares on the NYSE to commence within the 30-day period from the closing of the offering. CBL intends to use the net proceeds to redeem all or a portion of its outstanding 7.75% Series C Cumulative Redeemable Preferred Stock and any additional net proceeds will be used to reduce outstanding balances under its lines of credit.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.