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CBL Completes Refinancing of Southaven Towne Center.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it has entered into a $46.0 million, ten-year, non-recourse loan secured by Southaven Towne Center, located approximately ten miles south of Memphis, Tennessee, in Southaven, Mississippi. The new loan has a fixed interest rate of 5.50%. This loan replaces a $27.7 million construction loan, which had a floating interest rate of 110 basis points over LIBOR and was scheduled to mature in June 2007. CBL expects to use the excess proceeds from the refinancing to pay down outstanding balances on the Company's lines of credit.

CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 129 properties, including 79 regional malls/open-air centers. The properties are located in 27 states and total 73.4 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has nine projects under construction totaling 2.2 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, Florida; an open-air shopping center; two community centers, three associated/lifestyle centers and two mall expansions. Headquartered in Chattanooga, Tennessee, CBL has regional offices in Boston (Waltham), Massachusetts, and Dallas, Texas. Additional information can be found at http://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 and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.
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Publication:Business Wire
Date:Dec 12, 2006
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