Retail Properties announces plans to sell add-on to 4% notes due 2025

By Devika Patel

Knoxville, Tenn., July 17 – Retail Properties of America, Inc. intends to price an add-on to its 4% senior notes due March 15, 2025 (Baa3/BBB-), according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $250 million of the 4% notes at 99.526 to yield 4.058%, or 195 bps over Treasuries in an offering that priced on March 5, 2015 and settled on March 12, 2015.

The notes have a make-whole call Treasuries plus 30 basis points until Dec. 15, 2024 and then a par call.

Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to repay borrowings under the company’s $850 million unsecured revolving line of credit and for general business purposes.

The company is an Oak Brook, Ill.-based real estate investment trust.

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