By Lisa Kerner
Charlotte, N.C., July 12 – Ramco-Gershenson Properties Trust agreed on Friday to issue $75 million of 3.64% 12-year senior notes in a private placement with two institutional investors.
The notes priced with a spread of 227 basis points above the 10-year Treasury yield.
Closing is expected to occur on Nov. 30.
Proceeds, along with proceeds from planned asset sales, are expected to be used to pay off all maturing debt through 2017, including the mortgage on River City MarketPlace, as well as for general corporate purposes.
Farmington Hills, Mich.-based Ramco-Gershenson is a self-administered, publicly traded real estate investment trust.
| Issuer: | Ramco-Gershenson Properties Trust
|
| Issue: | Senior notes
|
| Amount: | $75 million
|
| Coupon: | 3.64%
|
| Maturity: | 12 years
|
| Spread: | 227 bps over 10-year Treasury yield
|
| Settlement date: | Nov. 30
|
| Distribution: | Private placement
|
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