Attached files
Investor Contact: Katie
Reinsmidt, Vice President - Corporate Communications and Investor Relations,
423.490.8301, katie_reinsmidt@cblproperties.com
CBL
& ASSOCIATES PROPERTIES INC. ANNOUNCES CLOSING OF
$127.9
MILLION PREFERRED STOCK OFFERING
CHATTANOOGA, Tenn.
(March 1, 2010) – CBL & Associates Properties, Inc. (NYSE: CBL)
announced today that it has closed an underwritten public offering of 6,300,000
depositary shares, each representing 1/10th of a share of its 7.375% Series D
Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per
depositary share. The Company has granted the underwriters of the
offering a 30-day option to purchase up to an additional 945,000 depositary
shares to cover over-allotments. Including the shares issued in this
offering (without giving effect to any exercise of the underwriters' option to
purchase additional depositary shares), the Company now has 13,300,000
depositary shares outstanding, each representing 1/10th of a share of its 7.375%
Series D Cumulative Redeemable Preferred Stock. The securities are redeemable at
liquidation preference, plus accrued and unpaid dividends, at any time at the
option of the Company. These securities have no stated maturity, sinking fund or
mandatory redemption and are not convertible into any other securities of the
Company.
The
depositary shares were priced at $20.30 per share including accrued dividends
equating to a yield of 9.08%. The Company intends to use the estimated net
offering proceeds of $123.3 million to reduce outstanding borrowings under its
credit facilities and for general corporate purposes.
Banc of
America Securities LLC and Wells Fargo Securities, LLC served as the joint
book-running managers of the offering.
This
offering was made pursuant to an effective registration statement filed with the
Securities and Exchange Commission. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any securities nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
The
offering may be made only by means of a prospectus and related prospectus
supplement. Copies of the prospectus supplement and accompanying prospectus
relating to these securities, when available, may be obtained from Banc of
America Securities LLC, Attention: Prospectus Department, 100 West 33rd Street,
3rd Floor, New York, New York 10001, 1-800-294-1322, email: dg.prospectus_distribution@bofasecurities.com
and Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte,
North Carolina 28262, Attn: Syndicate Operations, 1-800-326-5897, email: prospectus.specialrequests@wachovia.com.
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 163
properties, including 88 regional malls/open-air centers. The properties are
located in 27 states and total 87.8 million square feet including 3.0 million
square feet of non-owned shopping centers managed for third parties. CBL
currently has one project under construction totaling 500,000 square feet, The
Pavilion at Port Orange in Port Orange, FL. 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.
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" incorporated by reference therein, for a discussion of
such risks and uncertainties.