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Seritage enters term sheet for $200M credit facility

A Seritage Growth Properties unit entered into a nonbinding term sheet for a new $200 million unsecured term loan facility.

The facility would bear a 6.50%-per-year base interest rate, subject to step up to 8.00% under certain conditions, and would mature Dec. 31, 2017.

The company plans to use the proceeds to finance redevelopment projects and for other general corporate purposes.

Seritage Growth Properties LP executed the term sheet with ESL Investments Inc. on Dec. 27, according to a filing.