CBL Properties Completes Full Redemption of 10% Senior Secured Notes Utilizing Proceeds From a New $360 Million Non-Recourse Secured Financing

Simplifies Balance Sheet; Lowers Interest Expense

Creates Strong, Stable Pool of Unencumbered Assets

CBL Properties CBL today announced that its wholly owned subsidiary, CBL & Associates Holdco II, LLC, had completed the redemption of all $335.0 million outstanding 10% Senior Secured Notes due 2029 (the "10% Notes"). The redemption was funded utilizing proceeds from a new $360.0 million non-recourse loan secured by a pool of high-quality outparcels and open-air centers. Upon the full redemption of the 10% Notes, the recourse guaranty was eliminated. CBL's share of unencumbered NOI is an estimated $75 million.

"The full redemption of the 10% Notes just seven months following emergence is a major achievement," said Stephen Lebovitz, chief executive officer, CBL Properties. "Our capital structure is clean and straightforward, with debt comprised of substantially non-recourse property level loans as well as a limited recourse secured term loan."

Lebovitz added, "The new $360.0 million loan is the latest in a number of recent financings to validate the tremendous value of our company and our portfolio. The favorable terms of the new loan, including proceeds funded at a 62.5% loan-to-value ratio based on a blended 6.2% cap rate, clearly demonstrate the intrinsic value of our asset base."

The new loan, provided by Beal Bank USA, has an initial five-year term with one two-year extension option available to the Company, subject to certain conditions. The loan bears a floating interest rate based on 30-day SOFR plus 4.10%. CBL has fixed the interest rate for one-half, or $180 million principal amount of the $360 million loan, at a fixed rate of 6.95% for a term of three years. The balance will remain at a floating rate, which will allow for selective hedging at CBL's option. Based on the current yield curve, the average interest rate for the first three years is estimated in the range of 6.75% - 6.95%.

The loan is secured by a pool of 90 outparcels located across CBL's portfolio and 13 open-air centers. The open-air centers include Alamance Crossing West in Burlington, NC, Coolspring Crossing and The Courtyard at Hickory Hollow in Nashville, TN, Frontier Square in Cheyenne, WY, Gunbarrel Pointe in Chattanooga, TN, Harford Mall Annex in Bel Aire, MD, The Plaza at Fayette in Lexington, KY, Sunrise Commons in Brownsville, TX, The Shoppes at St. Clair in Fairview Heights, IL, The Landing at Arbor Place in Atlanta, GA, West Towne Crossing and West Towne District in Madison, WI, and Westgate Crossing in Spartanburg, SC.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

Moelis & Company LLC acted as Exclusive Placement Agent to CBL on the transaction.

About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 95 properties totaling 59.6 million square feet across 24 states, including 57 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

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.

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