CBL & Associates exercises exchange right for 7% notes

By Wendy Van Sickle

Columbus, Ohio, Dec. 1 – CBL & Associates Properties, Inc. said its wholly owned subsidiary, CBL & Associates Holdco II, LLC, exercised its optional exchange right with respect to all of $150 million principal amount of its 7% exchangeable secured notes due 2028, according to a news release.

The exchange date will be Jan. 28, and the settlement date will be Feb. 1.

The issuer has until Jan. 31 to determine whether holders will receive shares of CBL common stock, cash or a combination of both on the settlement date. The issuer currently expects to deliver shares of CBL common stock.

CBL is a Chattanooga, Tenn.-based real estate investment trust.

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