CBL & Associates draws $280 million under secured credit facility

By Sarah Lizee

Olympia, Wash., March 25 – CBL & Associates Ltd. operating partnership CBL & Associates LP drew $280 million under its $1.185 billion senior secured credit facility on March 19 and March 20, according to an 8-K filing with the Securities and Exchange Commission.

CBL said the draws were made to increase liquidity and preserve financial flexibility in light of the current uncertainty surrounding the impact of Covid-19.

The draws represent substantially all of the remaining available balance on the line of credit. Following the draws, the outstanding balance under the line of credit is $680.8 million, including outstanding letters of credit of $4.8 million.

The facility includes a fully funded $500 million term loan and a revolving line of credit with a borrowing capacity of $685 million.

CBL is a Chattanooga, Tenn.-based owner and developer of malls and shopping centers.

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