Replies to post #21 on Seritage Growth Properties (SRG)

[Enterprising Investor]

Berkshire Hathaway Term Loan

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.