Washington Prime Group Inc

NYSE:WPG   3:59:57 PM EDT
-0.09 (-5.14%)
4:00:00 PM EDT: $1.66 0.00 (0.00%)
Debt Financing / Related, Regulatory, Other Pre-Announcement

Washington Prime Group Commences Voluntary Chapter 11 Restructuring

Published: 06/14/2021 02:55 GMT
Washington Prime Group Inc (WPG) - Washington Prime Group Commences Voluntary Chapter 11.
Operations Will Continue Uninterrupted and in Ordinary Course During Restructuring.
Enters Chapter 11 After Executing a Restructuring Support Agreement With Creditors, Led by Svpglobal.
Washington Prime Group - Will Use Chapter 11 to Implement Comprehensive and Consensual Financial Restructuring of Co's Corporate-level Debt.
Vendors and Service Providers Expected to Be Unimpaired and All Claims Paid in Full.
Secured $100 Million in New Money Debtor-in-possession Financing From Consenting Creditors to Support Day-to-day Operations.
Rsa Provides for a Deleveraging of Company's Balance Sheet by Nearly $950 Million.
Deleveraging Via Equitization of Unsecured Notes, $190 Million Paydown of Revolving Credit and Term Loan Facilities.
Rsa Contemplates a $325 Million Equity Rights Offering, Fully Backstopped by Svpglobal.
Expects Operations to Continue in Ordinary Course.