Seritage Growth Properties makes $25M loan prepayment

Seritage Growth Properties (SRG) announced that on October 23, 2024, the Company has made a voluntary prepayment of $25 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway (BRK.B) Life Insurance Company of Nebraska (BRK.A). With the prepayments, the Company has now repaid a total of $1.345 billion since December 2021 and $255 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 $1.75 million. The cumulative repayments since December 2021 have reduced Seritage’s total annual interest expense related to the term loan facility by approximately $94.1 million.