FWP 1 a17-21022_3fwp.htm FWP

 

Issuer Free Writing Prospectus filed pursuant to Rule 433

supplementing the Preliminary Prospectus Supplement dated

August 29, 2017 and the Prospectus dated July 2, 2015

Registration Nos. 333-205457 and 333-205457-01

 

CBL & ASSOCIATES LIMITED PARTNERSHIP

 

Limited Guarantee Provided by CBL & Associates Properties, Inc.

 

$225,000,000 5.950% Senior Notes Due 2026

 

Issuer:

 

CBL & Associates Limited Partnership

 

 

 

Limited Guarantor:

 

CBL & Associates Properties, Inc.

 

 

 

Expected Ratings:

 

Baa3 by Moody’s Investors Service, Inc., BBB- by Standard & Poor’s Ratings Services and BBB- by Fitch Ratings, Inc.(1)

 

 

 

Form of Offering:

 

SEC Registered (Registration Nos. 333-205457 and 333-205457-01)

 

 

 

Aggregate Principal Amount Offered Hereby:

 

$225,000,000

 

 

 

Trade Date:

 

August 29, 2017

 

 

 

Settlement Date:

 

September 1, 2017 (T+3)

 

 

 

Final Maturity Date:

 

December 15, 2026

 

 

 

Interest Payment Dates:

 

June 15 and December 15, commencing December 15, 2017

 

 

 

Coupon:

 

5.950% per year

 

 

 

Public Offering Price:

 

98.250%, plus accrued and unpaid interest of $2,826,250 from, and including June 15, 2017 to, but excluding, September 1, 2017

 

 

 

Benchmark Treasury:

 

2.25% due August 15, 2027

 

 

 

Benchmark Treasury Price / Yield:

 

101-05+ / 2.119%

 

 

 

Spread to Benchmark Treasury:

 

T+408 bps

 

 

 

Yield to Maturity:

 

6.199%

 

 

 

Joint Book-Running Managers:

 

Wells Fargo Securities, LLC

 


 

 

 

Jefferies LLC
U.S. Bancorp Investments, Inc.
Goldman Sachs & Co. LLC
Stifel, Nicolaus & Company, Incorporated

 

 

 

Co-Managers:

 

BB&T Capital Markets, a division of BB&T Securities, LLC
FTN Financial Securities Corp.
Regions Securities LLC
Samuel A. Ramirez & Company, Inc.

 

 

 

CUSIP / ISIN:

 

12505J AD5 / US12505JAD54

 

 

 

Denominations:

 

$2,000 x $1,000

 

CBL & Associates Properties, Inc. and the issuer have filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that CBL & Associates Properties, Inc. and the issuer have filed with the SEC, including the prospectus supplement relating to the notes, for more complete information about CBL & Associates Properties, Inc., the issuer and this offering. You may get these documents for free by visiting the SEC Web site at www.sec.gov. Alternatively, CBL & Associates Properties, Inc., the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the accompanying prospectus supplement if you request it by contacting Wells Fargo Securities, LLC, toll free at 1-800-645-3751; Jefferies LLC, toll-free at 877-877-0696; or U.S. Bancorp Investments, Inc., toll free at 877-558-2607.

 

(1) A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time. Each securities rating should be evaluated independently of any other security rating.