CBL Properties (CBL) closes $1.2 billion secured bank facilities.
CBL Properties (CBL) announced today that it had closed on new secured bank credit facilities, including a $685 million revolving credit agreement and $500 million term loan. Both facilities mature on July 28, 2023. The new credit agreement, arranged by administrative agent Wells Fargo, is secured by a number of CBL's Tier 1 and Tier 2 mall properties. Although the collateral provided to the bank group could affect unsecured recovery prospects, management stated: "We were deliberate in selecting properties...to ensure the remaining unencumbered portfolio provides...significant value to support the covenants for our senior unsecured notes."