CBL Properties on Wednesday issued the following statement regarding COVID-19 events and impacts:
“Over the past few weeks, CBL has made the safety of our employees, our customers, our tenants and the communities we serve our top priority,” said Stephen Lebovitz, CBL’s chief executive officer. “I am proud of the CBL organization’s commitment and response as we face this unprecedented situation.
“Given the difficulty of accurately predicting the financial and economic ramifications of the pandemic, we have taken immediate steps to preserve our liquidity position by drawing $280 million under our line of credit. This action serves to maximize our financial flexibility during this period of uncertainty. As a reminder, we are also preserving liquidity through the suspension of our preferred and common stock dividends and have no unsecured debt maturities until 2023. Finally, we have made the decision to withdraw our previously issued earnings guidance for 2020.”
The $280 million aggregate draw represents substantially all of the remaining available balance on the line of credit. CBL’s outstanding balance as of March 25 was $681 million.