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- CBL Properties (CBL) (OTCPK:CBLAQ) completes its Chapter 11 reorganization, emerging with an improved capital structure, increased financial flexibility and a lowered cost of capital.
- The company has reduced its debt and preferred obligations by ~$1.7B. After the restructuring, its balance sheet includes a new $883.7M secured term loan, $455.0M of new secured notes bearing interest at 10%, and a $150.0M of new convertible notes bearing interest at 7%, including $50.0M funded by new money.
- CBL intends to utilize the $50.0M in new money proceeds and $10.0M in recent asset sale proceeds to redeem a portion of the 10% notes, which will result in a total of $395.0M of 10% notes outstanding post-redemption.
- Following the redemption and $195M in cash payments made as part of the emergence and other fees and costs, CBL will have ~$260.0M in cash and cash equivalents on the balance sheet.
- Existing common and shareholders and common unitholder will each get their pro rata share of 5.5% of the newly reorganized company; existing preferred shareholders will also get their pro rata share of 5.5% common equity in the reorganized company.
- CBL's stock will go back to trading under the symbol "CBL" on Nov. 2.
