CBL & Associates Properties, Inc. (NYSE: CBL) closed a $74.1 million eight-year, non-recourse loan secured by Cary Towne Center in Cary, NC, with a fixed interest rate of 8.5 percent.
The loan replaces an $82.1 million loan, which had a fixed interest rate of 6.85 percent and was scheduled to mature in March 2009. The loan was refinanced with the existing lender.
This is the second announcement from the firm in recent months addressing its long-term debt load. In September, the company announced $288.1 million in new financings as well as a commitment for a new $85.0 million term loan.
In the latest quarter, CBL & Associates Properties missed estimates, by $0.17 per share. It reported a 3.6 percent decline in FFO per share in the fourth quarter to $0.80 per share from $0.83 per share a year ago. The company incurred an $8 million impairment charge on its abandoned projects. CBL’s same-store NOI declined 4.0 percent for the quarter while its occupancy fell 90 basis points to 92.3 percent from 93.2 percent in the same quarter of 2007.
Overall, CBL had about $6 billion in long-term debt on its balance sheet as of Dec. 31, 2008.
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