PEI - PREIT reaches close to recapitalization with lenders

PREIT (PEI) reaches an agreement with 80% of its bank lenders under which the banks would provide an additional $150M to recapitalize the business and extend its debt maturity schedule.The company's current pool of unencumbered assets will serve as collateral for the facility, where PREIT will retain 30% of proceeds from non-income producing asset sales."This agreement provides us with the liquidity to compete effectively, meet our obligations, and continue providing our tenants, customers and communities with the high-quality shopping experience they expect at our properties," says CEO Joseph F. Coradino.However, the agreement remains subject to completion of final set of documentation and 100% lenders' approval.

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PREIT reaches close to recapitalization with lenders