Seritage Growth Properties announced a voluntary prepayment of $20.0 million towards its $1.6 billion term loan facility.
The company has repaid $1.55 billion since December 2021, with $50 million of the term loan facility remaining outstanding.
The prepayment will reduce Seritage's total annual interest expense by approximately $1.4 million.
Prepayment Amount
$20.0 million prepayment made towards $1.6 billion term loan facility.
Remaining Outstanding
$50 million of the term loan facility remains to be repaid.
Interest Expense Reduction
Prepayment will save approximately $1.4 million annually.
- The cumulative repayments have significantly reduced Seritage's total annual interest expense related to the term loan facility.
- This prepayment showcases Seritage's commitment to efficient debt management and reducing interest costs.
Seritage Growth Properties' proactive approach in reducing debt and interest expenses reflects positively on its financial strategy and long-term stability in the market.