---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-290762"
form_type: "8-K"
ticker: null
cik: "0000077281"
company_name: "PENNSYLVANIA REAL ESTATE INVESTMENT TRUST"
filed_at: "2023-12-07T23:59:59+00:00"
generated_at: "2026-06-07T16:37:14.160158+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# PREIT extends Cherry Hill Mall debt maturity by one week; amends credit facility for $15M borrowing capacity

## Summary
- Extended $300M Cherry Hill Mall notes maturity from Dec 1 to Dec 8, 2023; all principal and interest due on Dec 8.
- Third Amendment to First Lien Credit Agreement permits up to $15M borrowings for Cherry Hill payments and advisor fees with 1.5% fee.
- Mandatory prepayment waived on Springfield Town Center sale proceeds; proceeds can be used for restructuring expenses and corporate purposes.
- Company continues to face liquidity pressure with near-term maturity and limited borrowing capacity.

## SEC filing metadata
- accession: 0001193125-23-290762
- form_type: 8-K
- cik: 0000077281
- company_name: PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
- filed_at: 2023-12-07T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/77281/000119312523290762/0001193125-23-290762-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/77281/000119312523290762/d608688d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-290762
- JSON: https://secwatch.observer/filing/0001193125-23-290762.json
- Plain text: https://secwatch.observer/filing/0001193125-23-290762.txt

## Key facts
- Debt Financings
  PENNSYLVANIA REAL ESTATE INVESTMENT TRUST amended credit facility of up to $15.0 million for Cherry Hill Borrowing and up to $15.0 million for Advisor Borrowing with Wilmington Savings Fund Society, FSB, as administrative agent, and the lenders that are signatories thereto at not specified maturing not specified.
  - Instrument: credit facility
  - Principal: up to $15.0 million for Cherry Hill Borrowing and up to $15.0 million for Advisor Borrowing
  - Counterparty: Wilmington Savings Fund Society, FSB, as administrative agent, and the lenders that are signatories thereto
  - Rate: not specified
  - Maturity: not specified
  - Event: amendment
  source text: as of September 27, 2023 and the Amendment, the “ First Lien Credit Agreement ”). Pursuant to the Amendment, the First Lien Credit Agreement now permits (i) the use of up to $15.0 million of the proceeds of the First Lien Credit Agreement’s secured first lien revolving credit facility (the “ First Lien Revolving Facility ”) to make payments on the property level
  evidence_url: https://www.sec.gov/Archives/edgar/data/77281/000119312523290762/0001193125-23-290762-index.htm
- Material Agreements
  PENNSYLVANIA REAL ESTATE INVESTMENT TRUST amended Third Amendment to Amended and Restated First Lien Credit Agreement with Wilmington Savings Fund Society, FSB valued at $15.0 million for Cherry Hill Borrowing; $15.0 million for Advisor Borrowing; borrowing fee 1.50% (effective 2023-12-04).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Wilmington Savings Fund Society, FSB
  - Value: $15.0 million for Cherry Hill Borrowing; $15.0 million for Advisor Borrowing; borrowing fee 1.50%
  - Effective: 2023-12-04
  source text: On December 4, 2023, Pennsylvania Real Estate Investment Trust (the “ Trust ”), PREIT Associates, L.P. and PREIT-RUBIN, Inc. (collectively with the Trust and PREIT Associates, L.P., the “ Borrower ”), Wilmington Savings Fund Society, FSB, as administrative agent, and the lenders that are signatories thereto entered into that certain Third Amendment to Amended and Restated First Lien Credit Agreement (the “ Amendment ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/77281/000119312523290762/0001193125-23-290762-index.htm
- Material Agreements
  PENNSYLVANIA REAL ESTATE INVESTMENT TRUST entered into Cherry Hill Extension Agreement with New York Life Insurance Company and Teachers Insurance and Annuity Association of America valued at Extended maturity date of two $150.0 million promissory notes from December 1, 2023 to December 8, 2 (effective 2023-12-01).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: New York Life Insurance Company and Teachers Insurance and Annuity Association of America
  - Value: Extended maturity date of two $150.0 million promissory notes from December 1, 2023 to December 8, 2
  - Effective: 2023-12-01
  source text: On December 1, 2023, PR Cherry Hill STW LLC and Cherry Hill Center, LLC, both of which are subsidiaries of the Trust, that own Cherry Hill Mall (the “ Cherry Hill Borrowers ”), PREIT Associates, L.P., which is the guarantor under the Notes (as defined below), and New York Life Insurance Company and Teachers Insurance and Annuity Association of America, who are the lenders under the loans that are evidenced by the Notes (the “ Lenders ”), entered into an agreement to extend the maturity date (the “ Extension Agreement ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/77281/000119312523290762/0001193125-23-290762-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.