By Andrea Heisinger
New York, April 22 - BioMed Realty LP sold $250 million of 6.125% 10-year senior unsecured notes on Thursday to yield Treasuries plus 250 basis points, an informed source said.
The notes priced at the tight end of talk that was in the "mid-to-high 200 [bps]," a source said. They were launched at 250 bps over Treasuries.
The Rule 144A notes (Baa3/BBB-/) priced at 98.977 to yield 6.265%. They have a make-whole call at Treasuries plus 40 bps.
Bookrunners were Credit Suisse Securities, Deutsche Bank Securities Inc. and Wells Fargo Securities.
Proceeds will be used to repay all outstanding debt under BioMed's secured term loan, for possible property acquisitions, to repay some of the outstanding debt on the company's unsecured line of credit and for general corporate and working capital purposes.
The real estate agent and manager is based in San Diego.
| Issuer: | BioMed Realty LP
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | April 15, 2020
|
| Bookrunners: | Credit Suisse Securities, Deutsche Bank Securities Inc., Wells Fargo Securities
|
| Coupon: | 6.125%
|
| Price: | 98.977
|
| Yield: | 6.265%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Distribution: | Rule 144A
|
| Trade date: | April 22
|
| Settlement date: | April 29
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Price talk: | Mid to high 200 bps (initial), launched at 250 bps
|
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