Brixmor wraps tenders for six note series; settlement set for Friday

By Susanna Moon

Chicago, Oct. 17 – Brixmor Property Group Inc. said indirect subsidiary Brixmor LLC completed the tender offer for six series of its notes at 11:59 p.m. ET on Oct. 16.

Investors had tendered the following amounts in the offer:

• $2,168,000 of the $2,682,000 of 7.97% notes due Aug. 14, 2026;

• $3,538,000 of the $9,638,000 of 7.65% notes due Nov. 2, 2026;

• $4,387,000 of the $5,135,000 of 7.68% notes due Nov. 2, 2026;

• $8,422,000 of the $10,644,000 of 6.9% notes due Feb. 15, 2028;

• $13,187,000 of the $18,673,000 of 6.9% notes due Feb. 15, 2028; and

• $18,502,000 of the $21,705,000 of 7½% notes due July 30, 2029.

The company has accepted for purchase all of the tendered notes and expects settlement to occur Friday, according to a press release. The offer began on Sept. 18.

As noted before, the total purchase price for each $1,000 principal amount of notes is

• $1,192.50 for the 7.97% notes;

• $1,167.50 for the 7.65% notes;

• $1,170 for the 7.68% notes;

• $1,101.25 for the 6.9% notes;

• $1,101.25 for the 6.9% notes; and

• $1,156.25 for the 7½% notes.

The total amount includes an early payment of $30.00 per $1,000 principal amount of notes tendered in the offer and not withdrawn by the withdrawal deadline, which occurred when the company obtained the needed consents for each series of notes.

Holders will also receive accrued interest to but excluding the settlement date.

Consents secured, other details

The company previously said on Oct. 15 that it obtained the needed consents to amend the six series of notes.

As a result, the company executed a supplemental indenture to each note series, which was to become operative on the payment date.

As previously announced, the company sought consents to amend the note indentures to eliminate substantially all of the restrictive covenants and events of default.

The company needed the consents of holders representing at least a majority of the outstanding notes.

Holders who tendered notes needed to deliver consents. Holders could deliver consents, however, without tendering notes.

The first five series of notes were all issued under the same indenture, so all of those noteholders voted together for the proposed amendments, the company previously said.

The 7½% notes were issued under a separate indenture, though, so the consents received for a majority of the outstanding principal amount of those notes will constitute the required consents to proposed amendments for that note series only, the company noted.

U.S. Bank NA is the trustee under both indentures.

Neither of the others was conditioned upon completion of the other offer.

Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760) was the dealer manager and solicitation agent for the tender offers and the consent solicitations. Global Bondholder Services Corp. (866 470-3900 or 212 430-3774 for banks and brokers) was the depositary and information agent.

Brixmor is an internally managed real estate investment trust based in New York that owns and operates a wholly owned portfolio of grocery-anchored community and neighborhood shopping centers.

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