Washington Prime to repay term loan debt via new note offering

By Sarah Lizee

Olympia, Wash., Aug. 1 – Washington Prime Group, LP plans to repay amounts outstanding under a May 2014 term loan using a new note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of June 30, the company had approximately $500 million outstanding under the May 2014 term loan, which matures on May 30, 2018 and bears interest at Libor plus 145 basis points.

Additional proceeds will be used to reduce the outstanding amount under the company’s June 2015 term loan, which also bears interest at Libor plus 145 bps. As of June 30, the company had $500 million outstanding under the June 2015 term loan.

The real estate investment trust is based in Columbus, Ohio.

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