CBL Completes Financing Activity Totaling $1.45 Billion

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--

CBL & Associates Properties, Inc. CBL today announced that it closed the extension and modification of its three major unsecured credit facilities totaling $1.1 billion and closed a new $350 million term loan.

Commenting on the closing, Farzana K. Mitchell, Chief Financial Officer, said, "We are pleased to extend our major lines of credit and significantly reduce our borrowing costs under the credit facilities, commensurate with our investment grade rating. The aggregate commitment of $1.45 billion represents an increase of $150 million. Our bank group continues to demonstrate confidence in our business and the results we have achieved, and we value their partnership."

CBL extended and modified its three major credit facilities, providing total availability of $1.1 billion including one $100 million and two $500 million unsecured credit facilities. Outstanding balances on all three lines of credit will bear interest at a rate equal to LIBOR plus 120 basis points, based on the Company's credit rating. The reduction in interest rate spread represents a 20 basis point improvement for the facilities. In addition, the annual facility fee for the aggregate $1.1 billion facility was reduced by 5 basis points to 25 basis points.

The maturity date of the first $500 million facility was extended through October 2019, with an option to extend to October 2020. The maturity date of the second $500 million facility was extended to October 2020. The maturity date of the $100 million facility was extended to October 2019, with an option to extend to October 2020.

CBL also entered into a new $350 million unsecured term loan, maturing in October 2017, with two one-year extension options available for a final maturity of October 2019. The term loan bears interest at LIBOR plus 135 basis points, based on the Company's current credit rating.

Wells Fargo Bank National Association served as Administrative Agent, and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bank National Association served as Joint Lead Arrangers and Joint Book Runners under both $500 million facilities and the $350 million term loan. First Tennessee Bank NA is the administrative agent under the $100 million facility.

About CBL & Associates Properties, Inc.

CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 147 properties, including 90 regional malls/open-air centers. The properties are located in 30 states and total 84.0 million square feet including 6.5 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.

Forward-Looking Statements

Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151020006458/en/