CBL · CBL & Associates Properties, Inc.

The completion of the $176 million loan with Beal Bank USA, secured by Mayfaire Town Center, Pearland Town Center, Southaven Town Center, and East Towne Mall, marks the final tranche of refinancing CBL's prior $634 million secured term loan, following a previously announced $425 million financing on enclosed mall assets. This extends maturities to 2031, reduces total debt by over $33 million, and is projected to improve annual free cash flow by more than $30 million, strengthening liquidity with a post-close cash balance exceeding $291 million. The floating-rate structure at SOFR plus 410 basis points is interest-only, providing near-term payment flexibility, though subject to debt yield covenants and cross-defaults with the related $443 million facility. In recognition of these refinancing achievements, the Compensation Committee awarded one-time cash bonuses to key executives, underscoring internal alignment on capital structure improvements. Concurrently, the Board declared a special $0.175 per share dividend, elevating the Q1 total to $0.625 per share—a 39% increase over prior levels—with intent to incorporate into ongoing quarterly payouts at an annualized $2.50 rate, subject to future approvals and REIT distribution requirements. These actions signal enhanced financial flexibility and shareholder returns amid proactive debt management.