Seritage Growth Properties announced that on December 31, 2021, the company made a voluntary prepayment of $160 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska. The prepayment follows the amendment to the senior secured term loan agreement with Berkshire Hathaway announced on November 29, 2021 under which Seritage and Berkshire Hathaway agreed that the senior secured term loan agreement may be extended for two years from the July 31, 2023 maturity date to July 31, 2025 provided that the term loan facility's principal has been reduced to $800 million by the maturity date. Additionally, the companies mutually agreed that the make whole provision of the senior secured term loan agreement shall not be applicable to prepayments of the term loan facility's principal.

With the prepayment, $1.44 billion of the term loan facility remains outstanding. The prepayment will also reduce Seritage's total annual interest expense related to the term loan facility by approximately $11 million.