Seritage amends term loan’s make-whole, maturity extension provisions

By Marisa Wong

Los Angeles, Nov. 29 – Seritage Growth Properties and Seritage Growth Properties LP amended their senior secured term loan agreement with Berkshire Hathaway Life Insurance Co. of Nebraska for the $1.6 billion term loan announced on July 31, 2018, according to a Monday press release.

Under the amendment, the companies mutually agreed that the make-whole provision of the agreement will not be applicable to prepayments of the term loan’s principal.

Additionally, the companies agreed that, at Seritage’s election, the agreement may be extended for two years from the July 31, 2023 maturity date to July 31, 2025, provided that the term loan’s principal has been reduced to $800 million by the original maturity date.

The agreement remains otherwise unchanged.

Seritage is a New York-based owner and developer of retail, residential and mixed-use properties.

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