CBL & Associates Properties offering raises $123.3 million; money will pay down debt

CBL & Associates Properties offering raises $123M

CHATTANOOGA, Tenn. — Mall developer CBL & Associates Properties, Inc. said on Monday that it has closed its offering of 6.3 million depositary shares, raising $123.3 million.

Each share represents one-tenth of a share of the company’s 7.375 percent redeemable preferred stock, with a liquidation preference $25 per depositary share.

Including the newly-issued shares, the company now has 13.3 million depositary shares outstanding.

The recent issue was priced at $20.30 per share. Including accrued dividends, they yield almost 9.1 percent, the company said.

CBL said it would use the proceeds to reduce debt and for general corporate purposes.

CBL shares rose 32 cents, or 2.7 percent, to $12.21 in afternoon trading.