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CHATTANOOGA, TN-CBL & Associates Properties Inc. has completed a $400-million unsecured credit facility. The locally based publicly traded shopping center owner and operator says it will use the facility to continue its acquisition and development program.The line of credit replaces an existing $130-million unsecured line that was set to expire in September 2004. The new facility has an initial term of two years and can be extended by one year, three times. The interest rate ranges from 100 to 145 basis points over the Libor.CBL chairman and chief executive Charles B. Lebovitz says the new credit facility will provide additional flexibility for the company’s acquisition and development programs, which have completed some $705 million in transactions so far this year. “It furthers our ability to act quickly,” says Lebovitz.The banks participating in the new credit facility include Wells Fargo Bank as administrative agent and co-lead arranger; KeyBank as syndication agent and co-lead arranger; and Wachovia Bank and US Bank as co-documentation agents. Also participating is LaSalle Bank, National City Bank of Kentucky, Societe General, Union Bank of California and PNC Bank. CBL owns, holds interests in or manages 167 retail properties, including 67 enclosed regional malls. The properties are located in 27 states and comprise 69.2 million sf, not including 10 projects under construction that will add an additional two million sf to the total. A company executive was unavailable for comment on the credit facility.

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