CBL Properties completed a $600 million refinancing of its $634 million term loan, closing a $425 million non‑recourse loan and a $176 million floating‑rate loan.
The $425 million loan carries a fixed rate of 7.40 % and a five‑year term maturing in 2031. The $176 million loan is interest‑only, priced at SOFR + 410 basis points, and also has a five‑year term with two one‑year extension options.
The refinancing reduces overall debt by $33 million, extends the maturity profile, and is projected to increase annual free cash flow by more than $30 million, giving CBL additional flexibility to pursue value‑enhancing investments and return capital to shareholders.
The transaction follows a strong Q4 2025 earnings report in which CBL reported a 29.7 % year‑over‑year increase in net income and an 18.8 % rise in total revenues. Same‑center NOI grew 3.3 % year‑over‑year, with malls up 2.2 %, open‑air centers up 2.1 %, and lifestyle centers up 16.3 %.
CFO Ben Jaenicke said, '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.' He added, 'The strong lender response and favorable terms reflect increasing confidence in our portfolio and our disciplined operating strategy.'
The refinancing is the first enclosed regional mall transaction of its kind completed in the sector in many years, signaling renewed capital‑markets confidence in quality market‑dominant enclosed malls. Investors welcomed the deal, citing the debt reduction, improved cash flow, and the company’s strong Q4 performance as key drivers of confidence.
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