By Andrea Heisinger
New York, Aug. 4 - AMB Property, LP priced an upsized $300 million of 4.5% seven-year senior unsecured notes on Wednesday to yield 237.5 basis points over Treasuries, an informed source said.
The size was announced at $250 million.
The notes (Baa1/BBB/BBB) priced at 98.921 to yield 4.682%. They have a make-whole call at Treasuries plus 37.5 bps.
The notes are guaranteed by AMB Property Corp.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and Wells Fargo Securities LLC.
Proceeds are being used to reduce borrowings under a $425 million multi-currency senior unsecured term loan facility, with the remainder to repay a $65.8 million secured mortgage instrument.
The commercial property manager is based in San Francisco.
| Issuer: | AMB Property, LP
|
| Guarantor: | AMB Property Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | Aug. 15, 2017
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Wells Fargo Securities LLC
|
| Coupon: | 4.5%
|
| Price: | 98.921
|
| Yield: | 4.682%
|
| Spread: | Treasuries plus 237.5 bps
|
| Call: | Make-whole at Treasuries plus 37.5 bps
|
| Trade date: | Aug. 4
|
| Settlement date: | Aug. 9
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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