CBL & Associates announces closing of new $1.185B secured credit facility
CBL Properties announced that it had closed on a new $1.185B senior secured facility, which includes a fully-funded $500M term loan and a revolving line of credit with total borrowing capacity of $685M. "We are pleased to close the new bank facility, which has been a top priority for us," said Stephen Lebovitz, chief executive officer. "This successful transaction underscores the confidence that the lending community and our bank group have in CBL and our business. We appreciate their partnership and strong support as we execute our strategy and position CBL for a strong future." We have accomplished a number of important goals with this closing," said Farzana Khaleel, executive vice president - chief financial officer. "First, we have removed near-term financing risk, with no unsecured debt maturities until December 2023. This significant lengthening of our maturity schedule provides us with a clear runway to execute our business plan of redeveloping former department stores and transforming our properties into suburban town centers. Second, we have meaningfully enhanced our liquidity and financial flexibility, particularly when coupled with the increased free cash flow created through our dividend adjustment. Finally, the new facility is simplified and right-sized, removing inflexible covenants and reducing the cost expended for unused and unneeded excess capacity."