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CBL & ASSOCIATES PROPERTIES INC : Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

03/25/2020 | 03:44pm

ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.

CBL & Associates Limited Partnership (the "Operating Partnership"), the
majority-owned subsidiary of CBL & Associates Properties, Inc. (the "Company"),
is party to a $1.185 billion senior secured credit facility (the "Facility"),
which includes a fully-funded $500 million term loan and a revolving line of
credit with a borrowing capacity of $685 million, with a syndicate of banks
pursuant to a credit agreement (the "Credit Agreement"). A copy of the Credit
Agreement is filed as Exhibit 4.14.4 to the Company's Current Report on Form 8-K
dated January 30, 2019. The material terms of the Facility are also described in
Note 8 of the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2019.

On March 19, 2020 and March 20, 2020, the Operating Partnership completed draws
under the line of credit totaling $280 million to increase liquidity and
preserve financial flexibility in light of the current uncertainty surrounding
the impact of COVID-19. The $280 million of draws represents substantially all
of the remaining available balance on the line of credit. Following these draws,
the outstanding balance under the line of credit is $680.8 million, including
outstanding letters of credit of $4.8 million.

ITEM 7.01 Regulation FD Disclosure

On March 25, 2020, the Company issued a press release announcing the borrowings
under the Facility and the withdrawal of its fiscal 2020 guidance provided on
February 6, 2020, due to increased uncertainty surrounding the impact of
COVID-19. The Company is not providing updated guidance at this time. A copy of
the press release is being furnished as Exhibit 99.1 to this Current Report.

ITEM 9.01 Financial Statements and Exhibits

(a) Financial Statements of Businesses Acquired

Not applicable

(b) Pro Forma Financial Information

Not applicable

(c) Shell Company Transactions

Not applicable

(d) Exhibits

Number Description
99.1 Press Release issued March 25, 2020.
Cover Page Interactive Data File (formatted as Inline XBRL with
104 applicable taxonomy extension information contained in Exhibits 101.*).
(Filed herewith)


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