Published on 4/25/2019 in the Prospect News High Yield Daily.
New Issue: Greystar Real Estate prices upsized $90 million tap of 5¾% notes due 2025 at 99.5
By Paul A. Harris
Portland, Ore., April 25 – Greystar Real Estate Partners, LLC priced an upsized $90 million add-on to its 5¾% senior notes due Dec. 1, 2025 (B1) at 99.5 in a quick-to-market Thursday trade, according to a market source.
The tap was increased from $75 million.
Capital One Securities Inc. and J.P. Morgan Securities LLC managed the transaction.
The Plano, Tex.-based owner, operator and developer of luxury apartment communities plans to use the proceeds to repay bank debt and for general corporate purposes.
Issuer: | Greystar Real Estate Partners, LLC
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Amount: | $90 million, increased from $75 million
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Maturity: | Dec. 1, 2025
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Security description: | Add-on to 5¾% senior secured notes due Dec. 1, 2025
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Leads: | Capital One Securities Inc. and J.P. Morgan Securities LLC
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Coupon: | 5¾%
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Price: | 99.5
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Spread: | 342 bps
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First call date: | Dec. 1, 2020
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Trade date: | April 25
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Settlement date: | April 29
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Rating: | Moody's: B1
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Marketing: | Quick to market
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Original issue: | $500 million priced in November 2017
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Total issue size: | $590 million
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