CBL & Associates (CBL) to Sell 50M Shares in Public Offering
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CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it plans to sell 50,000,000 shares of newly-issued common stock in an underwritten public offering. The underwriters will be granted a 30-day option to purchase up to an additional 7,500,000 shares of common stock.
This offering is being made pursuant to an effective shelf registration statement filed by CBL with the Securities and Exchange Commission. Merrill Lynch & Co. and Wachovia Securities are acting as joint book-running managers for the offering.
The company intends to use the net proceeds from the offering to repay outstanding borrowings under its credit facilities and for general corporate purposes.
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