CBL & Associates Properties Prices $105 Million Perpetual Preferred Offering.Business Editors CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Aug. 6, 2003 CBL Cbl cobalamin. & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL) announced that it has agreed today to issue 4,200,000 depositary shares, each representing 1/10th fractional interest of a share of 7.75% Series C Cumulative Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. at $25.00 liquidation preference per depositary share. The Underwriters have also been granted an option, exercisable for 30 days, to purchase up to an additional 630,000 shares to cover over-allotments. The preferred stock underlying the depositary shares may be redeemed at par at the election of the Company on or after August 22, 2008. These securities have no stated maturity Stated maturity For the CMO tranche, the date the last payment would occur at zero CPR. , sinking fund sinking fund, sum set apart periodically from the income of a government or a business and allowed to accumulate in order ultimately to pay off a debt. A preferred investment for a sinking fund is the purchase of the government's or firm's bonds that are to be paid or mandatory redemption and are not convertible into any other securities of the Company. The closing of this offering is scheduled for August 22, 2003. 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). from the offering will be used by the Company to partially finance its acquisition of four regional shopping malls and the balance for its general corporate purposes, including funding future developments, expansions and acquisitions. Bear, Stearns & Co. Inc. and Wachovia Securities acted as Joint Book-Running Managers and A.G. Edwards & Sons, Inc. acted as Co-Lead Manager. Legg Mason Wood Walker Incorporated, McDonald Investments, Inc., RBC Capital Markets RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada ("RBC"). Broker dealers Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
LLC - Logical Link Control were co-managers. A shelf registration statement relating to these securities had previously been filed with the Securities and Exchange Commission and declared effective. Copies of the prospectus and the related prospectus supplement may be obtained from Bear, Stearns & Co. Inc. CBL & Associates Properties, Inc. has 55 enclosed regional malls in its portfolio of 161 properties in 25 states totaling 59.4 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. The Company has four projects under construction totaling approximately 1.6 million square feet, including one mall - Coastal Grand - Myrtle Beach, SC, one associated center and two community centers plus six mall renovations. In addition to its office in Chattanooga, TN, the Company has a regional office in Boston (Waltham), MA. Additional information about the Company can be found on its website at www.cblproperties.com. |
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