Lower Interest Rates for PREIT Financings

PHILADELPHIA, PA—PREIT has completed the refinancings of Willow Grove Park and Springfield Mall with loans totaling $202.5 million that carry a weighted average interest rate of 3.97 percent, generating proceeds of $38.1 million and future annual interest expense savings of approximately $2.5 million on the prior loan balances.  The Company will use proceeds to repay amounts outstanding under its 2013 Revolving Facility. 

Terms of the transactions follow:

“We are pleased to complete the refinancing of our remaining 2015 maturities at favorable terms,” says Joseph F. Coradino, CEO of PREIT.  “We have reduced our interest rates, generated proceeds and extended our debt maturities, which improve our balance sheet and contribute to future earnings.”