By Lisa Kerner
Charlotte, N.C., May 20 - Ramco-Gershenson Properties Trust announced it priced a $110 million private placement of senior notes.
The notes are being issued in three tranches with terms of eight, 10 and 12 years and have a weighted average interest rate of 4.04%.
Deutsche Bank Securities Inc. was lead bookrunner for the transaction with KeyBanc Capital Markets Inc. as passive bookrunner.
Proceeds will be used to pay down balances outstanding under the company's unsecured revolving line of credit, to pay off maturing mortgage debt and for general corporate purposes, according to a news release.
The offering is expected to close in June.
The company also closed a $50 million seven-year term loan arranged and funded by Capital One Bank, NA. The term loan has a $25 million accordion feature and is prepayable without penalty after three years. Pricing is based on the company's leverage.
Ramco-Gershenson is a real estate investment trust based in Farmington Hills, Mich. Its primary business is the ownership and management of shopping centers.
| Issuer: | Ramco-Gershenson Properties Trust
|
| Issue: | Senior notes
|
| Amount: | $110 million
|
| Maturities: | Eight, 10 and 12 years
|
| Coupon: | Weighted average of 4.04%
|
| Bookrunners: | Deutsche Bank Securities Inc. (lead) and KeyBanc Capital Markets Inc. (passive)
|
| Settlement: | June
|
| Distribution: | Private placement
|
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