PHILADELPHIA, Sept. 23, 2015 /PRNewswire/ -- PREIT (NYSE: PEI) has completed the refinancings of Willow Grove Park and Springfield Mall. The loans total $202.5 million, at PREIT's share, and carry a weighted average interest rate of 3.97%, 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:
Prior Loan Terms
New Loan Terms
Willow Grove Park
"We are pleased to complete the refinancing of our remaining 2015 maturities at favorable terms," said 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."
Willow Grove Park is a dominant super-regional mall located in the suburbs of Philadelphia anchored by Bloomingdale's, Macy's, Sears, JC Penney and Nordstrom Rack. Primark will open one of its first US locations at the center in 2016. One of PREIT's Premier Malls, the property boasted sales PSF of $569 and non-anchor occupancy of 94.4% as of June 30, 2015.
Springfield Mall is a regional mall also located in the suburbs of Philadelphia anchored by Target and Macy's and is owned in a joint venture. As of June 301, 2015, the property was generating sales of $402 PSF with non-anchor occupancy of 93.4%.
About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates 28.2 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at preit.com or on Twitter or LinkedIn.
CONTACT: AT THE COMPANY Robert McCadden EVP & CFO (215) 875-0735