Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties, announced that the Company has made a voluntary prepayment of $130.0 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (“Berkshire Hathaway”). The prepayment is being made from the proceeds of recent property sales including the sale of the Company’s Aventura, FL property.
With the prepayment, the Company has now repaid a total of $1.53 billion since December 2021 and $70 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage’s total annual interest expense related to the term loan facility by approximately $9.2 million. The cumulative repayments since December 2021 have reduced Seritage’s total annual interest expense related to the term loan facility by approximately $108.6 million.
