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CBL Offsetting Acquisition With Stock Repurchase

CHATTANOOGA, TN-The $60-million stock repurchase plan is about repurchasing shares "relatively equivalent" to the Series K Special Common Units (KSCUs) expected to be issued in connection with the recently executed agreement to purchase a portfolio of three malls for $517 million.

By Brian K. Miller | Updated on November 02, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

CHATTANOOGA, TN-CBL & Associates Properties Inc. may repurchase $60 million of its common stock on the open market over the next 13 months. The move is part of a plan to offset the Series K Special Common Units expected to be issued in connection with its recent agreement to purchase a portfolio of three malls for $517 million.

The KSCUs are exchangeable for shares of CBL common stock on a one-for-one basis and will be issued at a value of $47.50 per underlying share of common stock. Any common stock repurchases by CBL to offset the issuance will be funded through the company’s available cash and lines of credit.

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