By Andrea Heisinger
New York, Nov. 17 - AMB Property, LP priced $500 million of senior unsecured notes (Baa1/BBB/) in two tranches on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The $250 million of 6.125% seven-year notes priced at 99.407 to yield 6.23%, or Treasuries plus 337.5 basis points.
The $250 million of 6.625% 10-year notes priced at 99.47 to yield 6.698%, or Treasuries plus 337.5 bps.
The tranches each have a make-whole call at Treasuries plus 50 bps.
The notes are guaranteed by parent company AMB Property Corp.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and Morgan Stanley & Co.
Proceeds will be used to pay the purchase price and interest for 2013 and 2011 notes tendered. The company also may repay borrowings under a $230 million term loan due in 2010 and reduce a $500 million unsecured revolving credit facility.
The industrial property developer is based in San Francisco.
| Issuer: | AMB Property, LP
|
| Guarantor: | AMB Property Corp.
|
| Issue: | Senior unsecured notes
|
| Total amount: | $500 million
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Morgan Stanley & Co.
|
| Trade date: | Nov. 17
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
|
|
| Seven-year notes
|
| Amount: | $250 million
|
| Maturity: | Dec. 1, 2016
|
| Coupon: | 6.125%
|
| Price: | 99.407
|
| Yield: | 6.23%
|
| Spread: | Treasuries plus 337.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | Dec. 1, 2019
|
| Coupon: | 6.625%
|
| Price: | 99.47
|
| Yield: | 6.698%
|
| Spread: | Treasuries plus 337.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
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