Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Paydowns > Headlines for Alto Parana SA > News item |
Seritage Growth Properties pays down $160 million under term loan facility
By Rebecca Melvin
Concord, N.H., Jan. 4 – Seritage Growth Properties repaid $160 million in borrowings outstanding under its $1.6 billion senior secured term loan facility provided by Berkshire Hathaway Life Insurance Co. of Nebraska, according to a news release.
The prepayment made on Dec. 31 follows an amendment to the agreement under which Seritage and Berkshire Hathaway agreed that the term loan may be extended for two years to July 31, 2025, provided that the facility’s principal has been reduced to $800 million by the maturity date.
Additionally, the companies mutually agreed that the make-whole provision of the term loan will not be applicable to prepayments of the term loan facility’s principal.
With the prepayment, $1.44 billion of the term loan facility remains outstanding. The prepayment will reduce Seritage’s total annual interest expense related to the term loan by about $11 million.
The real estate investment trust of retail, residential and mixed-use properties is based in New York.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.