Published on 8/13/2019 in the Prospect News Investment Grade Daily.
New Issue: Regency Centers prices $425 million 2.95% 10-year notes at 127 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Aug. 13 – Regency Centers LP priced $425 million of 2.95% 10-year guaranteed senior notes (Baa1/BBB+) at a spread of 127 basis points over Treasuries on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.903 to yield 2.961%.
U.S. Bancorp Investments Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay a $300 million term loan due Dec. 2, 2020, to reduce the balance on the company’s line of credit and for general corporate purposes.
The notes will be guaranteed by general partner Regency Centers Corp., a Jacksonville, Fla., real estate investment trust that owns retail shopping centers.
| Issuer: | Regency Centers LP
|
| Guarantor: | Regency Centers Corp.
|
| Amount: | $425 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 15, 2029
|
| Bookrunners: | U.S. Bancorp Investments Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Wells Fargo Securities LLC
|
| Co-managers: | BB&T Capital Markets, BMO Capital Markets Corp., Comerica Securities, Inc., PNC Capital Markets LLC, Regions Securities LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC
|
| Coupon: | 2.95%
|
| Price: | 99.903
|
| Yield: | 2.961%
|
| Spread: | Treasuries plus 127 bps
|
| Call features: | Make-whole call before June 15, 2029 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 20
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
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