PEI - PREIT amends credit agreements for up to $1.06B

PREIT (PEI), which emerged from Chapter 11 proceedings less than a week ago, amends its first lien credit agreement, consisting of a secured first lien revolving credit facility for up to $130M, a $384.5M secured first lien term loan facility, and a $540.5M secured second lien term loan facility.On Dec.10, 2020, PREIT made initial borrowings of $55.0M under the first lien credit agreement revolving credit facility, in addition to the $384.5M first lien credit agreement term loan and the $540.5M second lien credit agreement term loan.The credit agreements refinance the secured term loan, the seven-year term loan agreement PREIT entered into on Jan. 8, 2014 and the 2018 amended and restated credit agreement.The borrower’s and guarantors’ obligations under the credit agreements and the guaranties are secured by mortgages and deeds of trust on a portfolio of 12 of PREIT’s subsidiaries’ properties, including nine malls and three additional parcels.The credit agreement

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PREIT amends credit agreements for up to $1.06B