CBL & Associates, a major owner of shopping malls in Middle Tennessee, is in talks on a number of joint venture and disposition opportunities.
The talks, while still in the early stages, look promising, said John N. Foy, chief financial officer at Chattanooga-based CBL.
"These actions are expected to strongly contribute to the company’s de-leveraging efforts and our long-term plan to secure the unsecured credit facility, which matures in August 2011," he said.
Foy revealed the prospective partnerships while announcing progress on the extension and modification of $525 million of debt set to mature in February 2010. The company has received commitments to extend the maturity date by two years — with a possible third year added on — from the holders of about $420 million of the debt.
Foy also said "there are two foreign lending institutions that have provided positive indications, but require additional time to advance the approvals through their credit committees."
CBL, which last month said it had extended a $105 million credit line, also announced that it has refinanced two loans on malls in indiana and Florida and will use the $10 million it is saving as a result to pay down its debt on a Mississippi shopping center. For more details on those deals, click here.