By Wendy Van Sickle
Columbus, Ohio, Feb. 22 – Getty Realty Corp. announced the private placement $225 million of senior notes in parts due in 2032 and 2033, according to a press release.
The notes include $100 million of 3.45% notes due Feb. 22, 2032 and $125 million of 3.65% notes due Jan. 20, 2033.
The 3.45% notes were funded at closing, and proceeds will be used to repay all amounts outstanding on the company’s revolving credit facility and to fund investment activity.
The 3.65% notes will be funded on Jan. 20, 2023, and proceeds will be used to prepay in full Getty Realty’s $75 million 5.35% series B senior notes due June 2, 2023 and to fund investment activity.
The notes are being issued via a private placement with Prudential Insurance Co. of America, American General Life Insurance Co., Massachusetts Mutual Life Insurance Co. and New York Life Insurance Co.
Getty is a real estate investment trust based in Jericho, N.Y.
| Issuer: | Getty Realty Corp.
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| Amount: | $225 million
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| Issue: | Senior notes
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| Announcement date: | Feb. 22
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| Investors: | Prudential Insurance Co. of America, American General Life Insurance Co., Massachusetts Mutual Life Insurance Co. and New York Life Insurance Co.
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| Distribution: | Private placement
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| 2032 notes
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| Amount: | $100 million
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| Maturity: | Feb. 22, 2032
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| Coupon: | 3.45%
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| Funding date: | Feb. 22
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| 2033 notes
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| Amount: | $125 million
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| Maturity: | Jan. 20, 2033
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| Coupon: | 3.65%
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| Funding date: | Jan. 20, 2023
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