PREIT Satisfies Debt Maturities Until June 2017

Viewmont Mall, Scranton, PA

PHILADELPHIA—PREIT has completed the refinancing of the mortgage loan secured by Woodland Mall, and extended and modified the terms of the existing mortgage loan secured by Viewmont Mall.  The LIBOR-based loans total $187.0 million and carry a fixed weighted average interest rate of 3.16 percent after giving effect to interest rate swaps.  The new debt instruments will result in future annual interest expense savings of approximately $3.7 million.

The revised terms for Viewmont Mall include the ability to borrow up to $12.5 million of additional funds when new tenants open in the existing Sears store. As previously reported by GlobeSt.com, PREIT has arranged for DICK’S Sporting Goods and Field & Stream to jointly lease the Sears space.