Federal Realty to redeem all 5.65% notes due 2016 via new offering

By Tali Rackner

Norfolk, Va., Nov. 10 – Federal Realty Investment Trust plans to use the proceeds from a note offering to redeem all of its outstanding 5.65% notes due June 1, 2016, according to a 424B5 filing with the Securities and Exchange Commission.

As of Sept. 30, $125 million of the notes were outstanding.

Proceeds will also be used 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.

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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