Seritage Growth cuts Berkshire Hathaway term loan by $50 million

Chicago, June 8 – Seritage Growth Properties announced a further repayment on its $1.6 billion original size term loan facility provided by Berkshire Hathaway Life Insurance Co. of Nebraska, according to an 8-K filing with the Securities and Exchange Commission.

The company made a voluntary $50 million prepayment on June 7.

This reduces the balance to $550 million as Seritage has repaid a refreshed total of $1.05 billion since December 2021.

The current prepayment 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 $73.5 million.

Seritage is a New York-based owner and developer of retail, residential and mixed-use properties.

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