New Issue: Essential Properties sells $400 million 2.95% senior notes due 2031 at 150 bps spread

New York, June 22 – Essential Properties, LP priced $400 million of 2.95% senior notes due 2031 (Baa3/BBB-/BBB-) at a spread of Treasuries plus 150 basis points on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.8 to yield 2.973%.

There is an optional redemption before April 15, 2031 with a make-whole premium of Treasuries plus 25 bps. Three months prior to maturity, the notes are callable at par.

BofA Securities, Inc., Citigroup Global Markets Inc., Barclays and Goldman Sachs & Co. LLC were the bookrunners.

The notes will be guaranteed by parent company Princeton, N.J.-based Essential Properties Realty Trust, Inc., which acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses.

Issuer:	Essential Properties, LP
Guarantor:	Essential Properties Realty Trust, Inc.
Issue:	Senior notes
Amount:	$400 million
Maturity:	July 15, 2031
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., Barclays and Goldman Sachs & Co. LLC
Co-managers:	Capital One Securities, Inc., Mizuho Securities USA LLC, Stifel, Nicolaus & Co., Inc. and Truist Securities, Inc.
Coupon:	2.95%
Price:	99.8
Yield:	2.973%
Spread:	150 bps over Treasuries
Call features:	Make-whole call before April 15, 2031 at Treasuries plus 25 bps; thereafter at par
Pricing date:	June 22
Settlement date:	June 28
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered
Cusip:	29670VAA7/US29670VAA70

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