CBL & ASSOCIATES PROPERTIES INC — Director's Dealing 2022

Feb 3, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CBL & ASSOCIATES PROPERTIES INC (CBL)
CIK: 0000910612
Period of Report: 2022-02-01

Reporting Person: CANYON CAPITAL ADVISORS LLC (Member of 10% owner group)
Reporting Person: Julis Mitchell R (Member of 10% owner group)
Reporting Person: Friedman Joshua S (Member of 10% owner group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-02-01	Common Stock	C	3999882	$16.67	Acquired	8396293	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-02-01	Exchangeable Notes	$16.67	C		Disposed	2028-11-15	Common Stock (3999882)	Indirect

Footnotes

F1: This Form 4 is being filed jointly by Canyon Capital Advisors LLC, a Delaware limited liability company ("CCA"), Mitchell R. Julis, a citizen of the United States of America, and Joshua S. Friedman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). The business address of each of the Reporting Persons is 2728 North Harwood Street, 2nd Floor, Dallas, Texas 75201.

F2: CCA, as the investment advisor to certain managed funds and accounts that directly hold the Subject Securities, including Canyon-ASP Fund, L.P., Canyon Balanced Master Fund, Ltd., Canyon Distressed Opportunity Master Fund III, L.P., Canyon ESG Credit Master Fund, L.P., Canyon Distressed TX (A) LLC, Canyon Distressed TX (B) LLC, The Canyon Value Realization Master Fund, L.P., Canyon-EDOF (Master) L.P., Canyon-GRF Master Fund II, L.P., Canyon NZ-DOF Investing, L.P., EP Canyon Ltd. and Canyon Value Realization Fund, L.P. (collectively, the "Accounts"), may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934.

F3: Mitchell R. Julis and Joshua S. Friedman, as persons who manage CCA and control the entities which own 100% of CCA, may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims beneficial ownership of the Subject Securities except to the extent of any pecuniary interest therein.

F4: Pursuant to the terms of that certain exchangeable notes indenture, dated November 1, 2021 (the "Indenture"), the Exchangeable Notes were exchanged into Common Stock of CBL & Associates Properties, Inc. (the "Company") at the Company's election, at the initial exchange rate, subject to adjustment in the manner set forth in the Indenture, of 60 shares of Common Stock for each $1,000 in aggregate principal amount of Exchangeable Notes, and the Reporting Persons received 722,130 shares of Common Stock as accrued interest and the make-whole payment.

F5: Consists of (i) 3,277,752 shares of Common Stock received upon exchange of the Exchangeable Notes plus (ii) 722,130 shares of Common Stock received as accrued interest and the make-whole payment in connection with the exchange of the Exchangeable Notes pursuant to the Indenture.