"We are proud of our financing achievements and continue to demonstrate our ability to access credit and financial resources," says CFO John Foy. "We are well underway with refinancing efforts for our 2010 maturities and are confident that we will successfully address all of our maturities while continuing our conservative approach of laddering maturities into the future."
The loan, which replaces an existing $58 million loan, has a five-year term and a floating interest rate of LIBOR plus 400 basis points. The previous loan was set to mature in April.
According to reports, CBL purchased the mall in November 1996 for $86.4 million. It sits at the intersection of Interstate 64 and Route 159. There are more than 140 retailers located in the mall. Current tenants include Ann Taylor, Banana Republic, Dillard's, Forever21, and JCPenney.
CBL owns or manages 163 properties in 27 states. Its portfolio totals 87.8 million square feet of retail space.
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