CBL Completes Refinancing of Fayette Mall in Lexington, KY (CBL)

CBL & Associates Properties, Inc. CBL today announced that it had closed on a ten-year, $185.0 million non-recourse loan secured by Fayette Mall in Lexington, KY, with two institutional lenders. The new loan bears a fixed interest rate of 5.42%. Excess proceeds of $100.0 million were generated after repayment of the $85.0 existing loan that was scheduled to mature in July 2011. Commenting on the financing, John Foy, Vice Chairman and Chief Financial Officer, said, “This refinancing generates significant excess proceeds after repayment of the existing loan, demonstrating the growth in the value of our properties. In total this year, we have closed on over $660.0 million of financing activity, further strengthening our balance sheet.”