CBL Prices Preferred Stock Offering

CBL & Associates Properties, a real estate investment trust based in Chattanooga, Tenn., has priced an offering of 7.75% cumulative, redeemable, perpetual preferred stock at $25 per share.The issue, which is expected to garner gross proceeds of $105 million, is in the form of 4.2 million depositary shares, each representing a one-tenth interest in a preferred stock, the retail REIT said. The underwriters of the issue have been given the option to buy an additional 630,000 shares to cover any overallotments. The stock is redeemable at the REIT's election in August 2008. CBL said it expects to use the net proceeds from the offering to partially finance its acquisition of four regional shopping malls, as well as for future acquisitions and corporate purposes. Bear, Stearns & Co. and Wachovia Securities are the joint book-running managers of the issue and A.G. Edwards & Sons is the co-lead manager.