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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">FORM<span style="font-weight:normal;"> </span><ix:nonNumeric id="F_000000" name="dei:DocumentType" contextRef="C_0000910612_20220810_20220810">8-K</ix:nonNumeric></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">PURSUANT TO SECTION 13 OR 15(d) OF</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Incorporation)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">N/A</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<span style="font-style:italic;">see</span> General Instruction A.2. below):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td>
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<td valign="top" style="width:4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:97.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<td valign="top" style="width:4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000017" name="dei:PreCommencementTenderOffer" contextRef="C_0000910612_20220810_20220810" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p></td>
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<tr>
<td valign="top" style="width:4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:97.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<td valign="top" style="width:4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000018" name="dei:PreCommencementIssuerTenderOffer" contextRef="C_0000910612_20220810_20220810" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p></td>
<td valign="top" style="width:97.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities registered under Section 12(b) of the Act:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
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<td valign="bottom" style="width:40%; border-bottom:solid 0.75pt #000000;">
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<td valign="bottom" style="width:18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Trading</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:1pt;margin-left:4.5pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Symbol(s)</p></td>
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<td valign="bottom" style="width:40%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Name of each exchange on which registered</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000019" name="dei:Security12bTitle" contextRef="C_0000910612_20220810_20220810">Common Stock, $0.001 par value</ix:nonNumeric></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company <span style="font-family:Segoe UI Symbol;"><ix:nonNumeric id="F_000005" name="dei:EntityEmergingGrowthCompany" contextRef="C_0000910612_20220810_20220810" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#160;&#160;&#160;&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family:Segoe UI Symbol;">&#9744;</span></p>
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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Item 5.02 Departure of Directors or Principal Officers&#59; Election of Directors&#59; Appointment of Principal Officers</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)&#160;&#160;Pursuant to the recommendation of the Company&#8217;s management and effective August 10, 2022, the Board of Directors of CBL &#38; Associates Properties, Inc. (the &#8220;<span style="text-decoration:underline;">Company</span>&#8221;) has appointed Jeffrey Kivitz to the Board as an additional director of the Company.&#160;&#160;Mr. Kivitz was also appointed to serve as a member of the Company&#8217;s Compensation Committee and Nominating/Corporate Governance Committee. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Kivitz is a Partner with Canyon Partners, LLC (together with its affiliates, &#8220;<span style="text-decoration:underline;">Canyon</span>&#8221;).&#160;&#160;He is responsible for the firm&#8217;s investments in companies across the REIT, technology, software, building products and retail sectors.&#160;&#160;Prior to joining Canyon in 2008, Mr. Kivitz worked as a consultant in both the private equity and general consulting practices at Bain &#38; Company, where he acted as an advisor on buyout and corporate strategy.&#160;&#160;Mr. Kivitz graduated cum laude from Williams College (B.A., Economics).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with his appointment to the Company&#8217;s Board of Directors, Mr. Kivitz agreed with Canyon that he will resign as a director of the Company if he ceases to be employed with Canyon.&#160;&#160;Apart from such agreement, there are no arrangements or understandings between Mr. Kivitz and any other persons pursuant to which he was selected as director.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The interests of Canyon Capital Advisors LLC, an affiliate of Canyon, and certain of its related parties, in transactions related to the Company&#8217;s voluntary reorganization under Chapter 11 of the United States Bankruptcy Code, and in certain subsequent transactions in the Company&#8217;s securities, are described in the proxy statement for the Company&#8217;s 2022 Annual Meeting of Shareholders (the &#8220;<span style="text-decoration:underline;">2022 Proxy Statement</span>&#8221;) filed with the U.S. Securities and Exchange Commission (the &#8220;<span style="text-decoration:underline;">SEC</span>&#8221;) on April 29, 2022 under the headings &#8220;ELECTION OF DIRECTORS &#8211; Impact of our Voluntary Reorganization Under Chapter 11&#8221; and &#8220;CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS &#8211; Related Person Transactions Pursuant to the Terms of the Chapter 11 Cases and the Plan,&#8221; which disclosures are incorporated herein by reference.&#160;&#160;Capitalized terms used in this report and not defined are used as defined in the 2022 Proxy Statement.&#160;&#160;The Company understands that, as of the date of this report, Canyon Capital Advisors LLC and its related parties (as described in Footnote (3) to the ownership table presented under the heading &#8220;Security Ownership of Certain Beneficial Owners and Management in the 2022 Proxy Statement, which information is incorporated herein by reference), beneficially own an aggregate of 8,396,293 shares of the Company&#8217;s common stock (representing approximately 26.4% of the Company&#8217;s total outstanding shares).&#160;&#160;Subsequent to the date of the 2022 Proxy Statement and effective as of June 7, 2022, the Company redeemed all of its outstanding 10% Senior Secured Notes due 2029, which resulted in aggregate cash payments of $79,399,768 to Canyon Capital Advisors LLC and its related parties (as described in the 2022 Proxy Statement) related to their pro rata share of the Senior Secured Notes that were redeemed.&#160;&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As Partner of Canyon, Mr. Kivitz has an indirect interest in the above-described transactions, which could be deemed to be material as contemplated by Item 404(a) of SEC Regulation S-K.&#160;&#160;As a partner of Canyon,&#160;Mr. Kivitz receives a portion of amounts received by Canyon related to the management and increase in value of certain of the funds and accounts advised by Canyon whose portfolios include an investment in the Company.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Kivitz will be compensated for his services as a director in accordance with the Company&#8217;s standard compensation arrangements for non-employee directors as disclosed in the 2022 Proxy Statement.&#160;&#160;In connection with his election as director, the Company expects to enter into customary indemnification agreements with Mr. Kivitz substantially identical to the Company&#8217;s indemnification agreements with each of its other independent directors.&#160;&#160;</p>
<p style="margin-bottom:0pt;margin-top:3pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">ITEM 7.01 Regulation FD Disclosure</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On August 10, 2022, the Company issued a press release announcing Mr. Kivitz&#8217; appointment as a director, a copy of which is furnished as Exhibit 99.1 to this report.</p>
<p style="margin-bottom:0pt;margin-top:3pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">ITEM 8.01 Other Events</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On August 10, 2022, the Company issued a press release announcing that the Company&#8217;s Board of Directors had declared a dividend of $0.25 per common share for the quarter ending September&#160;30, 2022, payable in cash on September 30, 2022 to shareholders of record as of September&#160;15, 2022.&#160;&#160;The Company also updated its current outlook for dividend payments for the remainder of 2022, based on the anticipated payment of the minimum distribution (at least 90% of taxable income) required to maintain CBL&#8217;s status as a real estate investment trust (REIT). </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A copy of the press release announcing the dividend information is attached hereto as Exhibit&#160;99.2 and is incorporated herein by reference and constitutes part of this report<span style="color:#000000;">.</span></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01 Financial Statements and Exhibits</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:3pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:10pt;">Exhibits</p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.5pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Description</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:3pt;margin-left:1.5pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.1</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.5pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="cbl-ex991_9.htm"><span style="text-decoration:underline;">Press Release &#8211; CBL Properties Welcomes Jeff Kivitz to its Board of Directors.</span></a></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:3pt;margin-left:1.5pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="text-decoration:none;">99.2</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="cbl-ex992_8.htm"><span style="text-decoration:underline;">Press Release &#8211; CBL Properties Declares Third Quarter Common Stock Dividend.</span></a></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:3pt;margin-left:1.5pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="text-decoration:none;">104</span></p></td>
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<p style="margin-bottom:0pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>
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cbl-8k_20220810.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
August 10, 2022
CBL & ASSOCIATES PROPERTIES, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
1-12494
62-1545718
(State or Other Jurisdiction of
Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
2030 Hamilton Place Blvd., Suite 500
,
Chattanooga
,
TN
37421-6000
(Address of principal executive office, including zip code)
423
-
855-0001
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered under Section 12(b) of the Act:
Title of each Class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value
CBL
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
(d)  Pursuant to the recommendation of the Company's management and effective August 10, 2022, the Board of Directors of CBL & Associates Properties, Inc. (the "
Company
") has appointed Jeffrey Kivitz to the Board as an additional director of the Company.  Mr. Kivitz was also appointed to serve as a member of the Company's Compensation Committee and Nominating/Corporate Governance Committee.
Mr. Kivitz is a Partner with Canyon Partners, LLC (together with its affiliates, "
Canyon
").  He is responsible for the firm's investments in companies across the REIT, technology, software, building products and retail sectors.  Prior to joining Canyon in 2008, Mr. Kivitz worked as a consultant in both the private equity and general consulting practices at Bain & Company, where he acted as an advisor on buyout and corporate strategy.  Mr. Kivitz graduated cum laude from Williams College (B.A., Economics).
In connection with his appointment to the Company's Board of Directors, Mr. Kivitz agreed with Canyon that he will resign as a director of the Company if he ceases to be employed with Canyon.  Apart from such agreement, there are no arrangements or understandings between Mr. Kivitz and any other persons pursuant to which he was selected as director.
The interests of Canyon Capital Advisors LLC, an affiliate of Canyon, and certain of its related parties, in transactions related to the Company's voluntary reorganization under Chapter 11 of the United States Bankruptcy Code, and in certain subsequent transactions in the Company's securities, are described in the proxy statement for the Company's 2022 Annual Meeting of Shareholders (the "
2022 Proxy Statement
") filed with the U.S. Securities and Exchange Commission (the "
SEC
") on April 29, 2022 under the headings "ELECTION OF DIRECTORS – Impact of our Voluntary Reorganization Under Chapter 11" and "CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS – Related Person Transactions Pursuant to the Terms of the Chapter 11 Cases and the Plan," which disclosures are incorporated herein by reference.  Capitalized terms used in this report and not defined are used as defined in the 2022 Proxy Statement.  The Company understands that, as of the date of this report, Canyon Capital Advisors LLC and its related parties (as described in Footnote (3) to the ownership table presented under the heading "Security Ownership of Certain Beneficial Owners and Management in the 2022 Proxy Statement, which information is incorporated herein by reference), beneficially own an aggregate of 8,396,293 shares of the Company's common stock (representing approximately 26.4% of the Company's total outstanding shares).  Subsequent to the date of the 2022 Proxy Statement and effective as of June 7, 2022, the Company redeemed all of its outstanding 10% Senior Secured Notes due 2029, which resulted in aggregate cash payments of $79,399,768 to Canyon Capital Advisors LLC and its related parties (as described in the 2022 Proxy Statement) related to their pro rata share of the Senior Secured Notes that were redeemed.
As Partner of Canyon, Mr. Kivitz has an indirect interest in the above-described transactions, which could be deemed to be material as contemplated by Item 404(a) of SEC Regulation S-K.  As a partner of Canyon, Mr. Kivitz receives a portion of amounts received by Canyon related to the management and increase in value of certain of the funds and accounts advised by Canyon whose portfolios include an investment in the Company.
Mr. Kivitz will be compensated for his services as a director in accordance with the Company's standard compensation arrangements for non-employee directors as disclosed in the 2022 Proxy Statement.  In connection with his election as director, the Company expects to enter into customary indemnification agreements with Mr. Kivitz substantially identical to the Company's indemnification agreements with each of its other independent directors.
ITEM 7.01 Regulation FD Disclosure
On August 10, 2022, the Company issued a press release announcing Mr. Kivitz' appointment as a director, a copy of which is furnished as Exhibit 99.1 to this report.
ITEM 8.01 Other Events
On August 10, 2022, the Company issued a press release announcing that the Company's Board of Directors had declared a dividend of $0.25 per common share for the quarter ending September 30, 2022, payable in cash on September 30, 2022 to shareholders of record as of September 15, 2022.  The Company also updated its current outlook for dividend payments for the remainder of 2022, based on the anticipated payment of the minimum distribution (at least 90% of taxable income) required to maintain CBL's status as a real estate investment trust (REIT).
A copy of the press release announcing the dividend information is attached hereto as Exhibit 99.2 and is incorporated herein by reference and constitutes part of this report
.
Item 9.01 Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Number
Description
99.1
Press Release – CBL Properties Welcomes Jeff Kivitz to its Board of Directors.
99.2
Press Release – CBL Properties Declares Third Quarter Common Stock Dividend.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CBL & ASSOCIATES PROPERTIES, INC.
Date: August 10, 2022
/s/ Farzana Khaleel
Farzana Khaleel
Executive Vice President -
Chief Financial Officer and Treasurer