By Aleesia Forni
Virginia Beach, Nov. 18 – Retail Opportunity Investments Partnership LP sold a $250 million offering of 4% 10-year senior notes (Baa2/BBB-/) at Treasuries plus 185 basis points on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes sold around 10 bps tighter than the midpoint of guidance.
Pricing was at 98.6 to yield 4.172%.
The notes are guaranteed by Retail Opportunity Investments Corp.
U.S. Bancorp Investments Inc., Jefferies & Co., J.P. Morgan Securities LLC and RBC Capital Markets LLC were the joint bookrunners.
Proceeds will be used to repay and refinance debt, including borrowings under the company’s $350 million unsecured revolving credit facility and its $200 million unsecured term loan, and for general corporate purposes.
San Diego-based Retail Opportunity is a self-managed real estate investment trust focusing on the acquisition, ownership and management of necessity-based community and neighborhood shopping centers that are anchored by national or regional supermarkets and drugstores.
| Issuer: | Retail Opportunity Investments Partnership LP
|
| Guarantor: | Retail Opportunity Investments Corp.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 15, 2024
|
| Bookrunners: | U.S. Bancorp Investments Inc., Jefferies & Co., J.P. Morgan Securities LLC, RBC Capital Markets LLC, BofA Merrill Lynch, KeyBanc Capital Markets Inc.
|
| Co-managers: | BMO Capital Markets Corp., RBS Securities Inc., Regions Securities LLC
|
| Coupon: | 4%
|
| Price: | 98.6
|
| Yield: | 4.172%
|
| Spread: | Treasuries plus 185 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to Sept. 15, 2024, then callable at par
|
| Trade date: | Nov. 18
|
| Settlement date: | Dec. 3
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor's: BBB-
|
| Price guidance: | Treasuries plus 195 bps area
|
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