New Issue: CBL & Associates prices $400 million 5.95% 10-year notes at 375 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., Dec. 6 – CBL & Associates LP priced $400 million of 5.95% 10-year senior notes on Tuesday with a spread of 375 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa3/BBB-/BBB-) priced at 98.565 to yield 6.144%.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Jefferies & Co., U.S. Bancorp Investments Inc., BofA Merrill Lynch and Stifel, Nicolaus & Co., Inc. were the bookrunners.

The notes have a limited guarantee by CBL & Associates Properties, Inc.

Proceeds will be used to reduce debt under the company’s unsecured revolving credit facilities and for general business purposes.

CBL is a Chattanooga, Tenn.-based owner and developer of malls and shopping centers.

Issuer:	CBL & Associates LP
Limited guarantor:	CBL & Associates Properties, Inc.
Amount:	$400 million
Description:	Senior notes
Maturity:	Dec. 15, 2026
Bookrunners:	Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Jefferies & Co., U.S. Bancorp Investments Inc., BofA Merrill Lynch, Stifel, Nicolaus & Co., Inc.
Co-managers:	BB&T Capital Markets, FTN Financial Securities Corp., Regions Securities LLC, Samuel A. Ramirez & Co., Inc., TD Securities (USA) LLC
Coupon:	5.95%
Price:	98.565
Yield:	6.144%
Spread:	Treasuries plus 375 bps
Call features:	Make-whole call before Sept. 15, 2026 at Treasuries plus 50 bps; on or after Sept. 15, 2026 at par
Trade date:	Dec. 6
Settlement date:	Dec. 13
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered

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