CBL & Associates Properties, Inc. announced Tuesday that its majority-owned operating partnership subsidiary, CBL & Associates Limited Partnership, priced a $400 million offering of 5.95 percent Senior Notes Due 2026 under its existing shelf registration statement. The notes will mature on Dec. 15, 2026. Settlement is scheduled for Dec. 13, subject to customary closing conditions.
The Operating Partnership expects to use the net proceeds from the offering of approximately $391 million, after deducting the underwriting discount and other offering expenses payable by the Operating Partnership, to reduce amounts outstanding under its unsecured revolving credit facilities and for general business purposes.
Wells Fargo Securities, J.P. Morgan, Jefferies, US Bancorp, BofA Merrill Lynch and Stifel are serving as Joint Book-Running Managers for the offering of the notes. BB&T Capital Markets, FTN Financial Securities Corp., Regions Securities LLC, Ramirez & Co., Inc., TD Securities are serving as Co-Managers for the offering of the notes.
The issuer has filed a registration statement on Form S-3 relating to these securities with the Securities and Exchange Commission. A preliminary prospectus supplement relating to the offering and an accompanying prospectus have been filed with the Securities and Exchange Commission.
The offering of these securities will be made only by means of a prospectus supplement and accompanying prospectus. A copy of the prospectus supplement and prospectus relating to the offering, when available, may be obtained by contacting Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, calling toll-free: 1-800-645-3751 or emailing: wfscustomerservice@wellsfargo.com; J.P. Morgan Securities LLC, 383 Madison Avenue, 3rd Floor, New York, NY 10179, Attention: High Grade Syndicate Desk or by calling collect: (212)-834-4533; Jefferies LLC, 520 Madison Avenue, 3rd Floor, New York, New York 10022, attention of High Grade Syndicate Desk or by calling toll-free at 1-877-877-0696 or U.S. Bancorp Investments, Inc., 214 North Tryon Street, 26th Floor, Charlotte, NC 28202, Attention: High Grade Syndicate or by calling toll-free: (877) 558-2607.