CBL conditionally calls $335 million 10% senior secured notes due 2029

By Marisa Wong

Los Angeles, May 27 – CBL Properties announced the planned redemption of all $335 million of outstanding 10% senior secured notes due 2029 issued by wholly owned subsidiary CBL & Associates Holdco II, LLC.

The notes will be redeemed on June 7, according to a Friday press release.

The redemption is conditioned on new financing.

CBL will fund the redemption using proceeds from a new $360 million non-recourse loan to be secured by a pool of high-quality outparcels and open-air centers. The new loan will be provided by an institutional lender. Terms will be announced upon closing, which is expected on or around June 7.

Moelis & Co. LLC acted as placement agent on the transaction.

CBL is a Chattanooga, Tenn.-based real estate investment trust that invests in shopping centers.

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