WPG (Washington Prime) repays corporate debt with securitized financing

Chicago, Nov. 14 – WPG (formerly Washington Prime Group Inc.) announced that it repaid and eliminated the company’s corporate debt with the closing of a new $1.005 billion securitized mortgage financing, according to a press release.

The company substantially reduced its borrowing costs with the refinancing, the press release said.

The company emerged from bankruptcy two years ago, in October 2021.

Exit financing included a term loan exit facility equal to $1.21 billion plus an elective exit loan amount, according to the Prospect News archive.

“This transaction refines WPG’s position in the capital markets and reflects the success of the company’s operational transformation over the last two years,” Jonathan Waggoner, co-head of the North American operating team at SVP said in the release.

The privately owned real estate investment trust focused on retail properties is based in Columbus, Ohio.

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