Seritage Growth Properties has announced a voluntary prepayment of $40 million on its $1.6 billion term loan facility from Berkshire Hathaway Life Insurance Company of Nebraska. This move is part of the company's ongoing efforts to reduce its debt, having repaid a total of $1.4 billion since December 2021. Following this latest prepayment, $200 million of the term loan facility remains outstanding. The prepayment is expected to decrease Seritage's annual interest expense related to the loan by approximately $2.8 million, contributing to a cumulative reduction in interest expenses of about $99.4 million since the repayments began.
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