July 31, 2018 / 10:57 PM / a year ago

Seritage Growth Properties secures $2.0 bln financing from Berkshire Hathaway

July 31 (Reuters) - Real-estate developer Seritage Growth Properties said on Tuesday it has entered into a $2.0 billion term loan facility with Berkshire Hathaway Life Insurance Company of Nebraska, a unit of The Berkshire Hathaway Reinsurance Group.

A term loan facility is a financial assistance program offered by a lending institution to help a company that requires operating capital, that has to be repaid within a time limit.

The financing would help Seritage boost its role as a retail and mixed-use developer across the country.

The facility matures on July 31, 2023 and bears interest at a fixed annual rate of 7 percent.

Seritage used a portion of the proceeds from the Initial Funding to fully repay its outstanding mortgage loan and unsecured term loan. (Reporting by Diptendu Lahiri in Bengaluru Editing by James Dalgleish)

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