DNP places $300 million; Fastenal issues $75 million; Jernigan places $18.6 million notes

By Lisa Kerner

Charlotte, N.C., July 22 – DNP Select Income Fund Inc. issued $300 million of fixed-rate senior notes in a private placement.

The notes have maturities of seven and 10 years, according to a news release.

Proceeds will be used to repay $300 million of the $700 million principal outstanding under its committed lending facility.

DNP Select is a management investment company based in Chicago.

Fastenal Co. agreed to sell up to $200 million of senior notes to Metropolitan Life Insurance Co., NYL Investors LLC and PGIM, Inc., according to an 8-K filed with the Securities and Exchange Commission.

The company issued $40 million of 2% notes due 2021 to Metropolitan Life and an affiliate and $35 million of 2.45% notes due 2022 to NYL Investors on Wednesday.

Proceeds will be used to fund the purchase of industrial vending lockers.

Fastenal is a supplier of fasteners and other industrial products based in Winona, Minn.

Jernigan Capital, Inc. executed term sheets with two commercial banks for the sale of senior participations/A notes on five of its self-storage development investments for proceeds of about $18.6 million.

The A notes will bear interest at a floating rate of Libor plus 350 basis points with a three-year term.

Closings on the notes are expected to occur on Aug. 1 and Aug. 15, according to a news release.

Jernigan Capital is a Memphis-based real estate investment trust.

© 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.