Morning Commentary: EPR eyes fixed-rate notes due 2026, adds to week’s growing deal flow

By Devika Patel

Knoxville, Tenn., Dec. 7 – Primary activity in the investment-grade bond market is expected to include a new deal from Kansas City, Mo., real estate investment trust EPR Properties.

EPR reported Wednesday that it plans to sell fixed-rate senior notes due 2026 via bookrunners Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets Corp.

The notes, which will fund repayment of the company’s unsecured revolving credit facilities and general business purposes, have a make-whole call until three months prior to maturity and then a par call.

Primary activity has been robust to so far this week, with deals from Southern Co., Ford Motor Co., Dr Pepper Snapple Group Inc., Lincoln National Corp., Delmarva Power & Light Co. and National Retail Properties Inc.

Other issuers to tap the market have been HSBC Holdings plc, CBL & Associates LP and PNC Bank.

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