On November 27, 2024, Seritage Growth Properties made another voluntary prepayment of $15 million towards its $1.6 billion term loan facility from Berkshire Hathaway Life Insurance Company of Nebraska. This action follows previous efforts to reduce the company's outstanding debt.
The latest prepayment brings the total amount repaid on the term loan facility to $1.36 billion since December 2021. The remaining outstanding balance on the facility is now $240 million.
This prepayment is projected to reduce Seritage's total annual interest expense related to the term loan facility by approximately $1.05 million. The cumulative interest expense reduction from all repayments since December 2021 now totals approximately $95.2 million annually.
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