Published on 9/14/2020 in the Prospect News Investment Grade Daily.
New Issue: Healthcare Trust of America sells $800 million 2% notes due 2031 at 142 bps spread
By Cristal Cody
Tupelo, Miss., Sept. 14 – Healthcare Trust of America Holdings, LP sold $800 million of 2% guaranteed senior notes due March 15, 2031 (Baa2/BBB) on Monday at a spread of Treasuries plus 142 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company priced the notes tighter than talk at the 170 bps spread area.
Healthcare Trust sold the notes at 99.196 to yield 2.086%.
Wells Fargo Securities, LLC, Jefferies LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., BofA Securities, Inc., BMO Capital Markets Corp., MUFG, Capital One Securities Inc., Morgan Stanley & Co. LLC and MUFG were the bookrunners.
The notes are guaranteed by Healthcare Trust of America, Inc.
Proceeds will be used to redeem all of the company’s 2023 notes, to repay a portion of the debt on its revolver and term loan and for general corporate purposes, including without limitation, working capital and investment in real estate.
Healthcare Trust of America is a Scottsdale, Ariz.-based real estate investment trust focused on medical office buildings.
| Issuer: | Healthcare Trust of America Holdings, LP
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| Guarantor: | Healthcare Trust of America, Inc.
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| Amount: | $800 million
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| Description: | Senior notes
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| Maturity: | March 15, 2031
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| Bookrunners: | Wells Fargo Securities, LLC, Jefferies LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., BofA Securities, Inc., BMO Capital Markets Corp., MUFG, Capital One Securities Inc., Morgan Stanley & Co. LLC and MUFG
|
| Co-managers: | BBVA Securities Inc., Fifth Third Securities, Inc., Inc., Regions Securities LLC and Scotia Capital (USA) Inc.
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| Coupon: | 2%
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| Price: | 99.196
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| Yield: | 2.086%
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| Spread: | Treasuries plus 142 bps
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| Call features: | Make-whole call at Treasuries plus 25 bps; on or after Dec. 15, 2030 at par
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| Trade date: | Sept. 14
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| Settlement date: | Sept. 28
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 170 bps area
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