CBL Properties announced that it had closed on a new $1.185 billion senior secured facility, which includes a fully-funded $500 million term loan (the “Term Loan”) and a revolving line of credit with total borrowing capacity of $685 million. The new Facility matures in July 2023 and bears a floating interest rate of 225 basis points over LIBOR. The $500 million Term Loan balance will be reduced by $35 million per year, paid in quarterly installments. The Facility replaces all of the Company’s prior unsecured bank facilities, which totaled $1.795 billion including three unsecured term loans totaling $695 million and three unsecured revolving lines of credit with aggregate capacity of $1.1 billion (October 2020 maturity). At closing, the Company utilized its new Line of Credit to reduce the principal amount of term loans by $195 million. After this utilization, the new Line of Credit had an outstanding balance of $419.8 million.