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Friday, March 03, 2023 1:09:24 PM
On February 2, 2023, the Company made a $230.0 million voluntary prepayment under its $1.6 billion Senior Secured Term Loan Agreement, dated July 31, 2018, among the Company, Seritage Growth Properties, L.P. and Berkshire Hathaway Life Insurance Company of Nebraska (as amended). Following the prepayment, $800.0 million remains outstanding under the Term Loan Agreement, which is the outstanding balance that the Company needed to reach in order to extend the debt maturity for two years to July 31, 2025. The prepayment will also reduce the Company's total annual interest expense related to the term loan facility by approximately $16.1 million.
Funded amounts under the Term Loan Facility bear interest at an annual rate of 7.0% and unfunded amounts under the Incremental Funding Facility are subject to an annual fee of 1.0% until drawn.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
Recent SRG News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 08:30:31 PM
- Seritage Growth Properties Reports First Quarter 2024 Operating Results • Business Wire • 05/10/2024 08:27:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/10/2024 08:21:55 PM
- Seritage Growth Properties Makes $50 Million Loan Prepayment • Business Wire • 04/24/2024 09:01:00 PM
- Seritage Growth Properties Reports Fourth Quarter and Full Year 2023 Operating Results • Business Wire • 04/01/2024 10:20:00 PM
- Seritage Growth Properties Makes $30 Million Loan Prepayment • Business Wire • 01/30/2024 09:30:00 PM
- Seritage Growth Properties Reports Third Quarter 2023 Operating Results • Business Wire • 11/08/2023 09:30:00 PM
- Seritage Growth Properties Makes $80 Million Loan Prepayment • Business Wire • 09/26/2023 08:30:00 PM
- Seritage Growth Properties Reports Second Quarter 2023 Operating Results • Business Wire • 08/14/2023 08:59:00 PM
- Seritage Growth Properties Makes $50 Million Loan Prepayment • Business Wire • 06/08/2023 10:55:00 AM
- Seritage Growth Properties Makes $200 Million Loan Prepayment • Business Wire • 05/30/2023 10:55:00 AM
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