Spirit Realty begins exchange offer for four series of class A notes

By Susanna Moon

Chicago, April 9 - Spirit Realty Capital, Inc. began an offer to exchange four series of notes for the newly issued notes of its affiliates, Spirit Master Funding, LLC, Spirit Master Funding II, LLC and Spirit Master Funding III, LLC.

The company is offering to swap out the four series of notes as follows:

• $94,264,000 series 2005-1 class A-1 5.05% notes due July 2023 in exchange for new series 2014-1 class A-1 5.05% notes due July 2040;

• $258.3 million series 2005-1 class A-2 5.37% notes due July 2023 for new series 2014-1 class A-2 5.37% notes due July 2040;

• $246,915,000 series 2006-1 class A 5.76% notes due March 2024 for new series 2014-2 class A 5.76% notes due March 2041; and

• $312,944,000 series 2007-1 class A 5.74% notes due March 2025 for new series 2014-3 class A 5.74% notes due March 2042.

The new notes to be issued in the exchange offer will have the same rate and monthly payment date as the existing notes being exchanged, according to a company press release.

The exchange offer is conditioned on at least 98% of the aggregate outstanding principal amount of the existing notes being tendered, the company said.

The total exchange payment will be $1 principal amount of new notes for each $1 principal amount of notes tendered by 5 p.m. ET on April 23, the early tender date.

Those who tender after the early deadline will receive 97% of the total exchange value.

The company also will pay accrued interest to but excluding the settlement date.

The exchange offer will end at 11:59 p.m. ET on May 14.

Spirit is a self-administered and self-managed real estate investment trust based in Scottsdale, Ariz.

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