Berkshire Hathaway has another $50 million that it needs to invest.
Seritage Growth Properties, a national owner and developer of retail, residential and mixed-use properties, announced that on June 7, 2023, the company made a voluntary prepayment of $50 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Company of Nebraska.
With the prepayment, $550 million of the term loan facility remains outstanding.
The prepayment will also reduce the amount of interest Berkshire receives from Seritage’s total annual interest expense by approximately $3.5 million.
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.