Seritage Growth Properties, an owner and developer of retail, residential and mixed-use properties, made a voluntary prepayment of $200 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska.
With the prepayment, the company has now repaid a total of $1 billion since December 2021 and $600 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 $14 million. The cumulative repayments since December 2021 have reduced Seritage’s total annual interest expense related to the term loan facility by approximately $70 million.
