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Seritage Growth Properties (NYSE: SRG) has made a $50 million voluntary prepayment towards its $1.6 billion term loan facility provided by Berkshire Hathaway. The company has repaid a total of $1.32 billion since December 2021, with $280 million remaining outstanding. The prepayments will reduce Seritage's annual interest expense by approximately $3.5 million, totaling $92.4 million saved since December 2021.
Seritage Growth Properties (NYSE: SRG) ha effettuato un pagamento volontario anticipato di 50 milioni di dollari sul suo prestito a termine di 1,6 miliardi di dollari fornito da Berkshire Hathaway. La società ha rimborsato un totale di 1,32 miliardi di dollari dal dicembre 2021, con un debito residuo di 280 milioni di dollari. Questi pagamenti anticipati ridurranno le spese annuali per interessi di Seritage di circa 3,5 milioni di dollari, risparmiando in totale 92,4 milioni di dollari dal dicembre 2021.
Seritage Growth Properties (NYSE: SRG) ha realizado un pago voluntario de 50 millones de dólares hacia su facilidad de préstamo a plazo de 1.6 mil millones de dólares proporcionado por Berkshire Hathaway. La compañía ha pagado un total de 1.32 mil millones de dólares desde diciembre de 2021, quedando un saldo pendiente de 280 millones de dólares. Los anticipos reducirán el gasto anual en intereses de Seritage en aproximadamente 3.5 millones de dólares, sumando un ahorro total de 92.4 millones de dólares desde diciembre de 2021.
Seritage Growth Properties (NYSE: SRG)는 버크셔 해서웨이가 제공한 16억 달러의 대출에 대해 5천만 달러의 자발적 선결제를 완료했습니다. 이 회사는 2021년 12월 이후 총 13억 2천만 달러를 상환하였고, 현재 2억 8천만 달러가 남아 있습니다. 이러한 선결제는 Seritage의 연간 이자 비용을 약 350만 달러 줄여, 2021년 12월 이후 총 9240만 달러를 절약하게 됩니다.
Seritage Growth Properties (NYSE: SRG) a effectué un paiement volontaire anticipé de 50 millions de dollars sur son crédit à terme de 1,6 milliard de dollars fourni par Berkshire Hathaway. L'entreprise a remboursé un total de 1,32 milliard de dollars depuis décembre 2021, avec un solde de 280 millions de dollars encore dû. Ces paiements anticipés réduiront les dépenses annuelles d'intérêts de Seritage d'environ 3,5 millions de dollars, totalisant une économie de 92,4 millions de dollars depuis décembre 2021.
Seritage Growth Properties (NYSE: SRG) hat eine freiwillige Vorauszahlung von 50 Millionen Dollar auf seine Kreditfazilität von 1,6 Milliarden Dollar, bereitgestellt von Berkshire Hathaway, geleistet. Das Unternehmen hat seit Dezember 2021 insgesamt 1,32 Milliarden Dollar zurückgezahlt, mit einem verbleibenden ausstehenden Betrag von 280 Millionen Dollar. Diese Vorauszahlungen werden die jährlichen Zinskosten von Seritage um etwa 3,5 Millionen Dollar senken, was seit Dezember 2021 eine Gesamtersparnis von 92,4 Millionen Dollar bedeutet.
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NEW YORK--(BUSINESS WIRE)--
Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties, today announced that between April 23, 2024 and April 24, 2024, the Company has made voluntary prepayments aggregating $50 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (“Berkshire Hathaway”).
With the prepayments, the Company has now repaid a total of $1.32 billion since December 2021 and $280 million of the term loan facility remains outstanding. The current prepayments will reduce Seritage’s total annual interest expense related to the term loan facility by approximately $3.5 million. The cumulative repayments since December 2021 have reduced Seritage’s total annual interest expense related to the term loan facility by approximately $92.4 million.
About Seritage Growth Properties
Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of December 31, 2023, the Company’s portfolio consisted of interests in 32 properties comprised of approximately 4.1 million square feet of gross leaseable area (“GLA”) or build-to-suit leased area and 460 acres. The portfolio consists of approximately 2.8 million square feet of GLA and 326 acres held by 23 wholly owned properties and 1.2 million square feet of GLA and 134 acres held by nine unconsolidated entities.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “will,” “approximately,” or ”anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: declines in retail, real estate and general economic conditions; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company’s indebtedness and other legal requirements to which the Company is subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on the Company’s ability to fund operations and ongoing development; the Company’s ability to access or obtain sufficient sources of financing to fund the Company’s liquidity needs; environmental, health, safety and land use laws and regulations; and possible acts of war, terrorist activity or other acts of violence or cybersecurity incidents. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s annual report on Form 10-K for the year ended December 31, 2023 and any subsequent Form 10-Qs. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.
