CBL Expands Credit Facility and Secures Long-Term Financing.Business Editors CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Feb. 28, 2003 CBL Cbl cobalamin. & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL) today announced that it has replaced two lines of credit with a new, $255 million secured credit facility with a group of banks led by 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. The new credit facility, which matures in 2007, includes a one-year extension and bears interest at a rate of 100 basis points over LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . Six regional malls and two associated centers secure the credit facility. The facility replaces a $130 million secured line of credit at an interest rate of 100 basis points over LIBOR and a $105.2 million unsecured facility at 155 basis points over LIBOR. The Company also closed a 10-year, $85 million, non-recourse loan at an interest rate of 5.05% provided by UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg Real Estate Investments, Inc.. Secured by the 981,503-square-foot Westmoreland Mall Westmoreland Mall, owned and operated by CBL & Associates Properties, Inc., is a two-level, enclosed shopping mall in the municipality of Hempfield Township, Pennsylvania, southeast of Pittsburgh. and the 294,188-square-foot Westmoreland Crossing in Greensburg, PA, the fixed-rate financing replaces the credit line borrowings used to acquire the properties in December 2002. CBL & Associates Properties, Inc. has a portfolio of 158 properties, including 55 enclosed malls, in 25 states totaling 58.1 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. The Company has five projects under construction totaling approximately 2.5 million square feet, including one mall, one associated center and three community centers plus four mall renovations. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. The Company can be found on the Internet at www.cblproperties.com. 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 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties. |
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