PEI - PREIT reduces credit pact amount limits liability on Woodland Mall partnership

Pennsylvania Real Estate Investment Trust's ([[PEI]] -0.9%) second lien credit agreement with Wells Fargo Bank is reduced to $535.3M from $540.5M under an amendment dated Feb. 8, 2021, according to an SEC filing..The reduction comes with the final determination that amounts of disputed interest that were included in the principal amount of loans under the credit agreement at closing, were not due and payable by PREIT before entry into the credit agreement.As a result, the amendment also reduces the amount of paid in kind interest paid by PREIT on Jan. 10, 2021  by $39.9K to $4.0M.PREIT also discloses that PR Woodland — a partnership indirectly owned by PREIT that took out a loan secured by the Woodland Mall in Grand Rapids, MI — enters into a second amendment that:Reduces PREIT Associates' cap on guarantor liability to $10M, restricts lenders from exercising their rights and remedies under the guaranty until Dec.

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PREIT reduces credit pact amount, limits liability on Woodland Mall partnership