Seritage Growth Properties Delists 7.00% Series A Preferred Shares

TL;DR

**SRG delisted its 7.00% Series A preferred shares, making them illiquid.**

AI Summary

Seritage Growth Properties (SRG) filed an 8-K on January 30, 2024, to disclose that its 7.00% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, with a par value of $0.01 per share, are no longer registered on any exchange. This means these specific preferred shares are no longer publicly traded. For investors, this matters because it indicates a change in the liquidity and public availability of these particular preferred shares, potentially impacting their value and ease of trading.

Why It Matters

The delisting of these preferred shares means they are no longer traded on a public exchange, which can significantly reduce their liquidity and make them harder for investors to buy or sell.

Risk Assessment

Risk Level: medium — The delisting of preferred shares introduces liquidity risk for holders of those specific securities.

Analyst Insight

Investors holding these specific preferred shares should assess their options for private sale or redemption, as public market liquidity is now gone. Potential investors should be aware these shares are no longer publicly traded.

Key Numbers

• 7.00% — Coupon rate (interest rate for the Series A preferred shares)
• $0.01 — Par value (par value per share for the Series A preferred shares)

Key Players & Entities

• Seritage Growth Properties (company) — the registrant filing the 8-K
• 7.00% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest (other) — the specific securities affected by the delisting
• $0.01 (dollar_amount) — par value per share
• January 30, 2024 (date) — date of earliest event reported and filing date
• New York Stock Exchange (other) — the exchange where Class A common shares are registered, but where the preferred shares are no longer listed

Forward-Looking Statements

• The liquidity of Seritage Growth Properties' 7.00% Series A preferred shares will significantly decrease. (Seritage Growth Properties) — high confidence, target: Immediately
• The trading volume for the delisted preferred shares will drop to zero on public exchanges. (Seritage Growth Properties) — high confidence, target: Immediately

FAQ

Key Financial Figures

• $0.01 — hares of beneficial interest, par value $0.01 per share SRG New York Stock Exchan
• $30 million — a voluntary prepayment in the amount of $30 million under its $1.6 billion Senior Secured T
• $1.6 billion — in the amount of $30 million under its $1.6 billion Senior Secured Term Loan Agreement, dat
• $330 million — Agreement"). Following the prepayment, $330 million remains outstanding under the Term Loan
• $2.1 million — the term loan facility by approximately $2.1 million. In accordance with General Instructi

Filing Documents

• srg-20240130.htm (8-K) — 42KB
• srg-ex99_1.htm (EX-99.1) — 10KB
• 0000950170-24-008935.txt ( ) — 193KB
• srg-20240130.xsd (EX-101.SCH) — 43KB
• srg-20240130_htm.xml (XML) — 6KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On January 30, 2024, Seritage Growth Properties (the "Company") announced that it made a voluntary prepayment in the amount of $30 million under its $1.6 billion Senior Secured Term Loan Agreement, dated July 31, 2018, among the Company, Seritage Growth Properties, L.P. and Berkshire Hathaway Life Insurance Company of Nebraska (as amended by amendment no. 1, dated May 5, 2020, by amendment no. 2, dated November 24, 2021, and by amendment no. 3, dated June 16, 2022, the "Term Loan Agreement"). Following the prepayment, $330 million remains outstanding under the Term Loan Agreement. The prepayment will also reduce the Company's total annual interest expense related to the term loan facility by approximately $2.1 million. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release dated January 30, 2024 104 Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SERITAGE GROWTH PROPERTIES Date: January 30, 2024 By: /s/ Matthew Fernand Matthew Fernand Chief Legal Officer and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR