CBL & Associates Properties Prices $62.5 Million Perpetual Preferred Offering.CHATTANOOGA, Tenn.--(BUSINESS WIRE)--June 22, 1998--CBL & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL Cbl cobalamin. ) today announced it has sold 2,500,000 shares of 9% Series A Cumulative Redeemable Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. at $25 per share. The preferred shares, which may be redeemed at par at the election of the Company on or after July 1, 2003, 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. Of the 2,500,000 preferred shares sold, an affiliate of Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank purchased 622,500 shares, an investment of $15,562,500. The closing of this offering is scheduled for June 30, 1998. 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 to repay indebtedness incurred under the Company's credit facilities in connection with its development and acquisition programs and for general corporate purposes. The lead manager for the offering was A.G. Edwards & Sons, Inc. J.C. Bradford & Co., J.J.B. Hilliard, W.L. Lyons, Inc. and Stifel, Nicolaus & Company, Incorporated were the co-managers. A shelf registration statement relating to these securities has been filed with the Securities and Exchange Commission and declared effective. Copies of the prospectus and the related prospectus supplement may be obtained from A.G. Edwards & Sons, Inc., One North Jefferson Avenue, St. Louis, MO 63103. 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 Northeast and Midwest. The Company has a portfolio of 123 properties in 25 states totaling 27.1 million square feet, manages an additional 2.6 million square feet of non-owned shopping centers, and presently has under construction eight new projects totaling approximately 2.3 million square feet, including one mall, one associated center, four community centers and two expansions. In 1997, the Company opened 10 new shopping centers, expanded four existing shopping centers and acquired three shopping centers, adding 4.6 million square feet to its portfolio. In 1998, CBL has acquired three regional malls totaling 2.3 million square feet, Asheville Mall in Asheville, North Carolina Not to be confused with Ashville. Asheville is a city in Buncombe County, North Carolina, and is its county seat. As of the 2000 census, the city had a total population of 68,889. It is the largest city in western North Carolina, and continues to grow. , Burnsville Center in Burnsville (Minneapolis), Minnesota and Stroud Mall in Stroudsburg, Pennsylvania. This communication shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
CONTACT: CBL & Associates Properties, Chattanooga
John N. Foy, 423/855-0001
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