CBL & Associates announced on Monday that it plans to sell 50 million shares of newly issued common stock in an underwritten public offering to repay outstanding borrowings under its credit facilities and for general corporate purposes.

The underwriters will be granted a 30-day option to buy up to an additional 7.5 million shares of common stock, according to a CBL news release.

Merrill Lynch & Co. and Wachovia Securities are acting as joint book-running managers for the offering.