Federal Realty to repay mortgage, might pay down revolver via notes

By Tali Rackner

Norfolk, Va., Nov. 10 – Federal Realty Investment Trust plans to use the proceeds from a note offering to repay the mortgage loan on its East Bay Bridge property and for general corporate purposes, which may include paying down the outstanding balance under its revolving credit facility, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used to redeem all of its outstanding 5.65% notes due June 1, 2016. As of Sept. 30, $125 million of the notes were outstanding.

Pending application of the net proceeds, the company may invest the net proceeds in short-term income-producing investments.

Federal Realty is a real estate investment trust for retail and mixed-use buildings. It is based in Rockville, Md.

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