Pennsylvania Gets $30M Secured Term Loan


By Liz Kiesche, SeekingAlpha

Pennsylvania REIT (NYSE:PEI) executes a secured term loan with some of its existing lenders for up to $30M in addition to its recently executed amendments to its seven-year term loan and 2018 credit agreement.

PEI says both actions will provide flexibility as it recovers from extended COVID-19-related lockdowns that have hurt its operations and liquidity positions.

The secured term loan allows for borrowings up of to $30M and expires on either Sep. 30, 2020 or the date the obligations under the secured term loan have been accelerated, whichever is earlier.

During the loan period, dividends on common and preferred shares will be suspended.

PEI is negotiating with its bank group regarding further amendments to its seven-year term loan and 2018 credit agreement to provide additional liquidity and ensure compliance with its obligations.


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