CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it closed on a non-recourse $47.7 million loan secured by Ambassador Town Center in Lafayette, LA. The 7-year loan bears a fixed interest rate of 3.22% and was provided by a new institutional lender. Proceeds from the loan were primarily used to retire the existing construction loans with an aggregate balance of $41.9 million with excess proceeds used to fund remaining construction costs.

“We are pleased to complete our third recent financing, bringing our total financing activity for just this month to over $227 million,” said Farzana K. Mitchell, Chief Financial Officer. “This attractively priced new loan further reduces our floating rate debt and adds to our well-laddered maturity schedule. Our recent financing activities continue to strengthen our balance sheet and improve our financial flexibility.”

Ambassador Town Center is a 430,000-square-foot open-air center anchored by Costco, Dick’s Sporting Goods, Field & Stream, Marshall’s, Home Goods, and Nordstrom Rack. CBL owns the center in a 65/35 joint venture with Stirling Properties, LLC based in Covington, LA. All amounts above are reflected at 100%.

About CBL & Associates Properties, Inc.

Headquartered in Chattanooga, TN, CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 147 properties, including 91 regional malls/open-air centers. The properties are located in 31 states and total 84.3 million square feet including 8.6 million square feet of non-owned shopping centers managed for third parties. Additional information can be found at cblproperties.com.

Forward-Looking Statements

Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.