CBL & Associates Properties, Inc. Closes $80 Million Loan Secured by The Outlet Shoppes at Atlanta


CBL & Associates Properties, Inc. Closes $80 Million Loan Secured by The Outlet Shoppes at Atlanta

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- CBL & Associates Properties, Inc. (NYS: CBL) announced that it had closed on a new $80.0 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 75/25 joint venture with Horizon Group Properties located in Atlanta (Woodstock), GA. The new 10-year loan bears interest at a fixed rate of 4.9%. Proceeds from the loan were used to repay a $53.2 million recourse construction loan with CBL's share of the remaining net funds used to reduce outstanding balances on the Company's unsecured credit facilities.

"We are pleased to close this new financing, which is consistent with our strategy of maintaining secured debt on joint venture properties as well as fixing interest rates long-term and eliminating our guaranty," said Farzana Mitchell, CBL's chief financial officer. "The ability to place permanent financing at such favorable terms on this project just three months after opening in July is a testament to the tremendous success of The Outlet Shoppes at Atlanta."

About The Outlet Shoppes at Atlanta

The Outlet Shoppes at Atlanta is a 370,000-square-foot outlet center located north of Atlanta off I-575 at Ridgewalk Parkway in Woodstock. The center, which celebrated its grand opening in July, features the best-known brands and designer outlets, including Nike, Saks Fifth Avenue OFF 5TH, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour, and Talbots.

The Outlet Shoppes at Atlanta is a joint venture of CBL & Associates Properties, Inc. and Horizon Group Properties, Inc. Horizon and CBL are co-developers of the project; Horizon is responsible for leasing, marketing and managing the center.

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 156 properties, including 94 regional malls/open-air centers. The properties are located in 30 states and total 90.7 million square feet including 10.7 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.

CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations and Corporate Investments

KEYWORDS: United States North America Georgia Tennessee


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