Ramco-Gershenson places $100 million of 10-, 12-year notes as planned

By Lisa Kerner

Charlotte, N.C., Nov. 4 – Ramco-Gershenson Properties Trust completed its previously announced private placement of $100 million of senior unsecured notes on Tuesday.

The notes were issued as $50 million of 4.16% 10-year notes and $50 million of 4.3% 12-year notes, according to a company news release.

The company placed the notes under an agreement with NYL Investors, LLC, a wholly owned subsidiary of New York Life Insurance Co.

Ramco-Gershenson announced the placement on Sept. 8 and said it will use the proceeds to help fund its $128.3 million purchase of Front Range Village in Fort Collins, Colo.

“The successful closing of this financing further strengthens the company's balance sheet, extending our average debt maturity to 6.7 years,” said chief financial officer Greg Andrews.

“Additionally, we have $325 million available under our unsecured revolving line of credit to fund our business plan.”

Farmington Hills, Mich.-based Ramco-Gershenson is a self-administered, publicly traded real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.