Current Report Filing (8-k)
March 25 2020 - 4:43PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): March 19, 2020
CBL & ASSOCIATES PROPERTIES INC
CBL & ASSOCIATES LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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1-12494
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62-1545718
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Delaware
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333-182515-01
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62-1542285
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(State or Other Jurisdiction of
Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421-6000
(Address of principal executive office, including zip code)
423-855-0001
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered under Section 12(b) of the Act:
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Title of each Class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.01 par value
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CBL
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New York Stock Exchange
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7.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value
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CBLprD
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New York Stock Exchange
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6.625% Series E Cumulative Redeemable Preferred Stock, $0.01 par value
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CBLprE
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New York Stock Exchange
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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
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(a)
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Financial Statements of Businesses Acquired
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Not applicable
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(b)
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Pro Forma Financial Information
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Not applicable
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(c)
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Shell Company Transactions
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Not applicable
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Exhibit
Number
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Description
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99.1
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Press Release issued March 25, 2020.
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104
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Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). (Filed herewith)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CBL & ASSOCIATES PROPERTIES, INC.
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/s/ Farzana Khaleel
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Farzana Khaleel
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Executive Vice President -
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Chief Financial Officer and Treasurer
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CBL & ASSOCIATES LIMITED PARTNERSHIP
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By: CBL HOLDINGS I, INC., its general partner
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/s/ Farzana Khaleel
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Farzana Khaleel
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Executive Vice President -
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Chief Financial Officer and Treasurer
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Date: March 25, 2020
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