CBL Completes Redemption of 7.75% Series C Cumulative Redeemable Preferred
CHATTANOOGA, Tenn. -- November 05, 2012
CBL & Associates Properties, Inc. (“CBL”) (NYSE: CBL), today announced that it
has completed the redemption of all 460,000 outstanding shares of 7.75% Series
C Cumulative Redeemable Preferred Stock (“Series C Shares”), and all
outstanding depositary shares (“Depositary Shares”), each representing 1/10^th
of a Series C Share (NYSE: CBLPrC - CUSIP No.: 124830-50-6).
The Series C Shares were redeemed in whole at a redemption price
of$250.00per Series C Share, plus accrued and unpaid dividends to and
including the redemption date in the amount of $1.9375 per Series C Share, for
a total payment of $251.9375 per Series C Share. The Depositary Shares
representing Series C Shares were redeemed in whole at a redemption price
of$25.00per Depositary Share, plus accrued and unpaid dividends to and
including the redemption date in the amount of $0.19375 per Depositary Share,
for a total payment of $25.19375 per Depositary Share. The aggregate amount
paid to effect the redemption of the Series C Shares (including the Depositary
Shares) was approximately $115.9 million, which was funded with a portion of
the net proceeds from CBL’s recent issuance of depositary shares, each
representing 1/10^th of a share of its newly designated 6.625% Series E
Cumulative Redeemable Preferred Stock.
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 interest in or manages
164 properties, including 95 regional malls/open-air centers. The properties
are located in 27 states and total 92.9 million square feet including 9.4
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.
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 most recent Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and the sections therein captioned
“Management's Discussion and Analysis of Financial Condition and Results of
Operations” and “Risk Factors”, for a discussion of such risks and
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations and Corporate Investments
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