ITEM 7.01 Regulation FD Disclosure
On August 5, 2020, CBL & Associates Limited Partnership (the "Operating
Partnership"), the majority owned subsidiary of CBL & Associates Properties,
Inc. (the "REIT") (collectively, the Operating Partnership and the REIT are
referred to as the "Company") made the $11.8 million interest payment that was
due and payable on June 1, 2020 (the "2023 Notes Interest Payment") to holders
of the Operating Partnership's 5.25% senior unsecured notes due 2023 (the "2023
Notes") and the $18.6 million interest payment that was due and payable on June
15, 2020 (the "2026 Notes Interest Payment") to holders of the Operating
Partnership's 5.95% senior unsecured notes due 2026 (the "2026 Notes," together
with the 2023 Notes, the "Notes"). Accordingly, the nonpayment of each of the
2023 Notes Interest Payment and the 2026 Notes Interest Payment no longer
constitutes (i) an "event of default" under the indenture governing the Notes
that occurred and is continuing or (ii) to the extent provided in the Bank
Forbearance Agreement (as defined below), an "event of default" under the Credit
Agreement, dated as of January 30, 2019 (as the same may be amended, restated,
supplemented, replaced or otherwise modified from time to time, the "Credit
Agreement"). As a result, the forbearance period under that certain Forbearance
Agreement, dated as of June 30, 2020, by and among the Operating Partnership,
Subsidiary Guarantors the REIT and certain holders of the 2023 Notes, as
amended, that certain Forbearance Agreement, dated as of July 15, 2020, by and
among the Operating Partnership, Subsidiary Guarantors, the REIT and certain
holders of the 2026 Notes, as amended, and that certain Forbearance Agreement,
by and among the Operating Partnership, Subsidiary Guarantors, the REIT and
Wells Fargo Bank, National Association for the lenders party to the Credit
Agreement, as amended (the "Bank Forbearance Agreement"), terminated without
extension upon the payment of the 2023 Notes Interest Payment and 2026 Notes
Interest Payment.
The Company may engage in negotiations and discussions with the holders and
lenders of the Company's indebtedness. There can be no assurance, however, that
any such discussions will lead to acceptable terms with any party or that the
Company will otherwise reach any agreement with respect to its indebtedness.
The information disclosed in this Item 7.01 is being furnished and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities
of that Section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, regardless of
any general incorporation language in such a filing.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses