CBL & ASSOCIATES PROPERTIES, INC. COMPLETES FOLLOW-ON OFFERING OF 3,000,000 SHARES.CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Jan. 16, 1997--CBL & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL Cbl cobalamin. ) today announced the pricing of a follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. of 3,000,000 shares of common stock, 2,945,000 shares of which were sold through Goldman, Sachs & Co. and 55,000 shares of which were purchased by the Company's senior management. Goldman, Sachs & Co. has a 30-day option to purchase up to an aggregate of 441,750 additional shares to cover over-allotments. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering to CBL, after underwriter's discount Underwriter's discount See: Gross spread and before giving effect to the exercise of the over-allotment option, will be approximately $74.5 million. Proceeds from the offering will be used to fund the Company's identified development program as well as recently completed acquisitions. A shelf registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the Securities and Exchange Commission and declared effective. Copies of the prospectus may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10004. CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers, primarily in the Southeast and select markets in the northeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company has a portfolio of 108 properties totaling 20.4 million square feet, manages an additional 2.6 million square feet of non-owned shopping centers, and presently has under construction nine new shopping centers totaling 3.1 million square feet, including one mall, two power centers, two associated centers and four community centers. -0-
NEW SHOPPING CENTERS UNDER CONSTRUCTION
CENTER LOCATION SQ.FT
The Terrace Chattanooga, TN 156,923
Massard Crossing Fort Smith, AR 290,717
Salem Crossing Virginia Beach, VA 289,182
Hannaford Bros. Richmond, VA 62,500
Springhurst Towne Center Louisville, KY 808,159
Bonita Lakes Crossing Meridian, MS 67,500
Bonita Lakes Mall Meridian, MS 630,670
Cortlandt Town Center Cortlandt, NY 769,211
Strawbridge Marketplace Virginia Beach, VA 43,570
TOTAL SQUARE FOOTAGE 3,118,432
CONTACT: CBL & Associates Properties, Inc., Chattanooga John N. Foy, 423/855-0001 |
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