CBL redeems alll 460,000 outstanding Series C shares and depositary shares 

CBL redeems alll 460,000 outstanding Series C shares and depositary shares

Nov 06, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --CBL & Associates Properties Inc CBL, an owner and developer of US malls and shopping centres, has completed the redemption of its 7.75% Series C cumulative redeemable preferred stock, it stated on Monday.

The company redeemed all 460,000 outstanding Series C shares and all outstanding depositary shares, each of which represents 1/10th of a Series C share .

CBL redeemed the Series C shares in whole at USD250.00 per share, together with accrued and unpaid dividends to the redemption date of USD1.9375 per share, for a total of USD251.9375 per share.

The depositary shares representing Series C shares were redeemed in whole at USD25.00 per share together with accrued and unpaid dividends to the redemption date of USD0.19375 per share, for a total of USD25.19375 per share.

The total amount paid of approximately USD115.9m was funded with a portion of the net proceeds from CBL's recent issue of depositary shares, each representing 1/10th of a share of its newly designated 6.625% Series E cumulative redeemable preferred stock.

Comments on this story may be sent to info@m2.com

(C)1994-2012 M2 COMMUNICATIONS http://www.m2.com