New Issue: Physicians Realty sells $350 million 3.95% 10-year notes at 165 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Nov. 28 – Physicians Realty LP sold $350 million of 3.95% senior notes due Jan. 15, 2028 (Baa3/BBB-) on Tuesday at 99.779 to yield 3.976%, or a spread of Treasuries plus 165 basis points, according to an FWP filing with the Securities and Exchange Commission.

The bookrunners were J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc. and Jefferies LLC.

The notes are guaranteed by Physicians Realty Trust.

Proceeds will be used to repay outstanding debt under the company’s revolving credit facility and for general corporate purposes.

Milwaukee-based Physicians Realty is a self-managed health care real estate investment trust.

Issuer:	Physicians Realty LP
Guarantor:	Physicians Realty Trust
Amount:	$350 million
Description:	Senior notes
Maturity:	Jan. 15, 2028
Bookrunners:	J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc. and Jefferies LLC
Co-managers:	BMO Capital Markets Corp., KeyBanc Capital Markets Inc., BofA Merrill Lynch, RBC Capital Markets, LLC, Regions Securities LLC, Huntington Investment Co., Morgan Stanley & Co. LLC and Stifel, Nicolaus & Co., Inc.
Coupon:	3.95%
Price:	99.779
Yield:	3.976%
Spread:	Treasuries plus 165 bps
Call features:	Make-whole call at greater of par and Treasuries plus 25 bps before Oct. 15, 2027; thereafter at par
Trade date:	Nov. 28
Settlement date:	Dec. 1
Ratings:	Moody’s: Baa3
	S&P: BBB-
Distribution:	SEC registered

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