CBL & Associates extending, modifying $105 million of credit facility

By Sara Rosenberg

New York, May 14 - CBL & Associates Properties Inc. executed a term sheet for the extension and modification of up to $105 million of its secured credit facility, according to a news release.

First Tennessee Bank is the administrative agent on the deal.

The term sheet calls for the facility to be extended to June 2011.

Pricing will be Libor plus 300 basis points with a 4.5% Libor floor.

Closing is subject to the preparation and execution of loan documentation and other customary conditions.

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

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