By Angela McDaniels
Tacoma, Wash., Dec. 7 – Ramco-Gershenson Properties Trust completed the sale of $75 million of 3.64% 12-year senior notes on Nov. 30, according to a company news release.
The notes were sold to two institutional investors in a private placement.
The notes priced July 12 with a spread of 227 basis points above the 10-year Treasury yield.
“The successful closing of this financing further strengthens the company’s balance sheet, extending our average debt maturity to seven years,” chief financial officer Geoff Bedrosian said in the news release.
“We used the financing proceeds along with proceeds from asset sales completed during the third quarter and borrowings under our line of credit to pay off mortgages on River City Marketplace and Crofton Centre, eliminating all debt maturities through 2017.”
Farmington Hills, Mich.-based Ramco-Gershenson is a real estate investment trust that owns and manages large, multi-anchor shopping centers.
| Issuer: | Ramco-Gershenson Properties Trust
|
| Issue: | Senior notes
|
| Amount: | $75 million
|
| Maturity: | 12 years
|
| Coupon: | 3.64%
|
| Price: | Par
|
| Yield: | 3.64%
|
| Spread: | 227 bps over 10-year Treasury yield
|
| Pricing date: | July 12
|
| Settlement date: | Nov. 30
|
| Distribution: | Private placement
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
