CBL Properties (NYSE: CBL) completed a refinancing of its $634 million term loan through two separate transactions, the company announced. The real estate investment trust closed on a $425 million non-recourse financing secured by mall properties and expects to close shortly on a $176 million floating-rate bank loan backed by open-air lifestyle centers.

The refinancing reduces CBL's overall debt by $33 million and is expected to increase annual free cash flow by more than $30 million due to more favorable amortization structures. The original term loan had a final maturity of November 2027.

The $425 million financing carries a fixed rate of 7.40% with a five-year term maturing in 2031. The loan is secured by 12 primarily mall properties across multiple states, including Cherryvale Mall in Rockford, Illinois, and Hanes Mall in Winston-Salem, North Carolina. Northgate Mall in Chattanooga, Tennessee, will be unencumbered through the refinancing.

The anticipated $176 million floating-rate loan is secured by four properties including Mayfaire Town Center in Wilmington, North Carolina, and Pearland Town Center in Pearland, Texas. The facility has a five-year term with two one-year extension options and carries an interest rate of SOFR plus 410 basis points.

"This transformative financing strengthens our balance sheet, reduces overall debt by $33 million, extends our maturity profile, and provides meaningful flexibility as we execute our long‑term strategy," said Ben Jaenicke, executive vice president and chief financial officer.

CBL revised its full-year 2026 amortization guidance to a range of $58-$63 million following these transactions. The company operates 88 properties totaling 55.6 million square feet across 23 states.