CBL Prices $400 Million of Senior Unsecured Notes
December 06 2016 - 4:30PM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) announced
today that its majority-owned operating partnership
subsidiary, CBL & Associates Limited Partnership (the
“Operating Partnership”), priced a $400 million offering of 5.95%
Senior Notes Due 2026 (the “notes”) under its existing shelf
registration statement. The notes will mature on December 15, 2026.
Settlement is scheduled for December 13, 2016, subject to customary
closing conditions.
The Operating Partnership expects to use the net proceeds from
the offering of approximately $391 million, after deducting the
underwriting discount and other offering expenses payable by the
Operating Partnership, to reduce amounts outstanding under its
unsecured revolving credit facilities and for general business
purposes.
Wells Fargo Securities, J.P. Morgan, Jefferies, US Bancorp, BofA
Merrill Lynch and Stifel are serving as Joint Book-Running Managers
for the offering of the notes. BB&T Capital Markets, FTN
Financial Securities Corp., Regions Securities LLC, Ramirez &
Co., Inc., TD Securities are serving as Co-Managers for the
offering of the notes.
The issuer has filed a registration statement on Form S-3
relating to these securities with the Securities and Exchange
Commission. A preliminary prospectus supplement relating to the
offering and an accompanying prospectus have been filed with the
Securities and Exchange Commission. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any state or other jurisdiction.
The offering of these securities will be made only by means of a
prospectus supplement and accompanying prospectus. A copy of the
prospectus supplement and prospectus relating to the offering, when
available, may be obtained by contacting Wells Fargo Securities,
LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn:
WFS Customer Service, calling toll-free: 1-800-645-3751 or
emailing: wfscustomerservice@wellsfargo.com; J.P. Morgan Securities
LLC, 383 Madison Avenue, 3rd Floor, New York, NY 10179, Attention:
High Grade Syndicate Desk or by calling collect: (212)-834-4533;
Jefferies LLC, 520 Madison Avenue, 3rd Floor, New York, New York
10022, attention of High Grade Syndicate Desk or by calling
toll-free at 1-877-877-0696 or U.S. Bancorp Investments, Inc., 214
North Tryon Street, 26th Floor, Charlotte, NC 28202, Attention:
High Grade Syndicate or by calling toll-free: (877) 558-2607.
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, 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 123 properties,
including 77 regional malls/open-air centers. The properties are
located in 27 states.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161206006382/en/
CBL & Associates Properties, Inc.Katie Reinsmidt,
423-490-8301Senior Vice President - Investor Relations and
Corporate Investmentskatie.reinsmidt@cblproperties.com
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