PENNSYLVANIA REAL ESTATE INVESTMENT TRUST FILES (8-K) Disclosing Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On
which are subsidiaries of
"Trust") that own
which is the guarantor under the Notes (as defined below), and New York Life
Insurance Company and
are the lenders under the loans that are evidenced by the Notes (the "Lenders"),
entered into a Loan Extension and Modification Agreement (the "Extension and
Modification Agreement") to that certain (i)
New York Life Insurance Company dated
promissory note with
Agreement extended the maturity date of the Notes from
Modification Agreement and effectuate the extension of the maturity date of the
Notes, the Borrowers paid down
of the Notes, paid an extension fee equal to 0.10% of the outstanding principal
balance of the Notes and paid certain expenses incurred by the Lenders in
connection with the Extension and Modification Agreement, among other terms and
conditions.
The Extension and Modification agreement also includes an option for the
Borrowers to further extend the maturity date of each Note to
if an additional
Note is paid down and an extension fee equal to 0.10% of the outstanding
principal balance of the respective Note is paid, among other terms and
conditions.
The foregoing description of the Extension and Modification Agreement is
qualified in its entirety by reference to the full text of the Extension and
Modification Agreement, which will be filed as an exhibit to the Trust's
Quarterly Report on Form 10-Q to be filed for the quarter ended
2022
The Borrowers and the Lenders also entered into a modification and extension of
the mortgage that secures the Notes to extend the term of such mortgage
consistent with the term of the Notes.
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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 hereunto duly authorized.
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST Date: September 7, 2022 By: /s/ Lisa M. Most Lisa M. Most Executive Vice President, Secretary and General Counsel
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