By Lisa Kerner
Charlotte, N.C., Dec. 4 – STAG Industrial, Inc. and its operating partnership, STAG Industrial Operating Partnership, LP, agreed to sell $100 million of 3.98% senior unsecured notes due Jan. 5, 2023 on or around Dec. 15.
Proceeds will used to repay amounts outstanding under the company’s unsecured credit facility and for general corporate purposes, including funding future acquisitions.
Interest on the notes will be payable semiannually in arrears, according to a form 8-K filed with the Securities and Exchange Commission.
The notes may be prepaid at any time all, or from time to time any part of, the outstanding notes, in the amount not less than 5% of the total principal amount of the notes then outstanding at a price equal to the sum of 100% of the principal amount prepaid and a make-whole amount.
The notes have a make-whole call at Treasuries plus 50 basis points.
Purchasers include Metropolitan Life Insurance Co., Lincoln Benefit Life Co., Nationwide Life Insurance Co., Axa Equitable Life Insurance Co., Great-West Life & Annuity Insurance Co., the Guardian Life Insurance Co. of America, American Family Life Insurance Co. and American Family Life Insurance Co.
Stag also amended its existing $50 million of 4.98% senior notes due 2024, $50 million of 4.98% senior notes due 2026, $80 million 4.42% senior notes 2026, $100 million 4.32% senior notes due 2025 and $20 million 4.42% senior notes due 2027 to make provisions conform to the new notes.
STAG Industrial, Inc. is a Boston-based real estate company.
| Issuer: | STAG Industrial, Inc.
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| Issue: | Senior unsecured notes
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| Amount: | $100 million
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| Maturity: | Jan. 5, 2023
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| Coupon: | 3.98%
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| Price: | Par
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| Yield: | 3.98%
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| Call: | Make-whole call at Treasuries plus 50 bps
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| Distribution: | Private placement
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| Agent: | Merrill Lynch, Pierce, Fenner and Smith Inc.
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| Purchasers: | Metropolitan Life Insurance Co., Lincoln Benefit Life Co., Nationwide Life Insurance Co., Axa Equitable Life Insurance Co., Great-West Life & Annuity Insurance Co., the Guardian Life Insurance Co. of America, American Family Life Insurance Co. and American Family Life Insurance Co.
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| Settlement date: | Jan. 5
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