By Devika Patel
Knoxville, Tenn., Dec. 28 – Ramco-Gershenson Properties Trust placed $75 million of senior notes in three tranches on Dec. 21, according to an 8-K filed with the Securities and Exchange Commission.
The company sold $25 million of five-year bonds with a 4.13% coupon, $30 million of 10-year bonds with a 4.57% coupon and $20 million of 12-year bonds with a 4.72% coupon.
The bonds have a weighted average interest rate of 4.46%.
JPMorgan Securities LLC was the agent.
Proceeds will be used to pay off two existing mortgages and for general corporate purposes.
The company also amended and repriced its $75 million term loan due 2021. The transaction reduced the loan’s interest rate by 35 basis points for the remainder of the term and was led by Capital One, NA.
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, LP
|
| Guarantor: | Ramco-Gershenson Properties Trust
|
| Issue: | Guaranteed senior notes
|
| Amount: | $75 million
|
| Call: | Make-whole call at Treasuries plus 50 bps
|
| Agent: | JPMorgan Securities LLC
|
| Settlement date: | Dec. 21
|
| Distribution: | Private placement
|
|
|
| Series A notes
|
| Amount: | $25 million
|
| Maturity: | Dec. 21, 2022
|
| Coupon: | 4.13%
|
|
|
| Series B notes
|
| Amount: | $30 million
|
| Maturity: | Dec. 21, 2027
|
| Coupon: | 4.57%
|
|
|
| Series C notes
|
| Amount: | $20 million
|
| Maturity: | Dec. 21, 2029
|
| Coupon: | 4.72%
|
|
|
|
|
© 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.
