In This Article:
CBL Properties announced that it had closed on the sale of Imperial Valley Mall in El Centro, CA, for $38.1M, all cash. The property served as collateral under CBL‘s non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing, was reduced to $630.8M. Stephen Lebovitz, CBL’s Chief Executive Officer, said: “This transaction puts us on course to meet the non-recourse term loan principal balance extension test in November 2025 without contributing further capital beyond required amortization. Our balance sheet has strengthened significantly through this and other recent transactions, reducing total debt and lengthening our maturity schedule.”
Discover the Best Stocks and Maximize Your Portfolio:
-
See what stocks are receiving strong buy ratings from top-rated analysts.
-
Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on CBL: