CBL & ASSOCIATES PROPERTIES INC 8-K

What Happened CBL & Associates Properties, Inc. (the REIT) and its majority‑owned operating subsidiary entered into a $425 million non‑recourse loan with Goldman Sachs Bank USA on March 13, 2026. The five‑year loan (maturing April 2031) carries a fixed interest rate of 7.40% and was used to retire a portion of the Company’s existing $634 million secured term loan. The loan is secured by a pool of primarily mall properties, including Cherryvale Mall, Frontier Mall, Hanes Mall, Kirkwood Mall, Mall Del Norte, Post Oak Mall, Richland Mall, Sunrise Mall, Turtle Creek Mall, Valley View Mall, West Towne Mall, and Westmoreland Mall/Westmoreland Crossing.

Key Details

• Loan amount and use: $425 million non‑recourse loan entered March 13, 2026; proceeds used to retire part of a $634 million secured term loan.
• Term and rate: Five‑year term maturing April 2031; fixed interest rate of 7.40%.
• Collateral & covenants: Secured by a pool of primarily mall properties (listed above); agreement includes a minimum debt yield covenant and other customary financial and operating covenants.
• Prepayment/acceleration and lender relationship: Loan may be prepaid in full without penalty during the final 12 months with 30 days’ notice; payments can be accelerated on bankruptcy or other customary events. Goldman Sachs has provided and may continue to provide other banking and investment services to the Company.

Why It Matters This transaction adjusts CBL’s secured debt profile by replacing part of its prior term loan with a new five‑year, fixed‑rate obligation, extending the maturity on that portion of the secured borrowings to 2031. As a non‑recourse loan secured by specific mall assets, it generally limits lender recourse to the pledged properties rather than to the REIT broadly. The debt‑yield covenant and other terms could affect flexibility for the affected subsidiaries if property performance weakens. The full loan agreement is filed as Exhibit 10.1 to the 8‑K for investors who want the complete terms.