Spirit Realty completes exchange offer for four series of notes

By Jennifer Chiou

New York, May 15 - Spirit Realty Capital, Inc. announced the close of its 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 exchange ended at 11:59 p.m. ET on May 14. The offer began on April 9.

Holders tendered $894,468,139, or 98.03%, of the notes as follows:

• $81,309,139, or 86.26%, of the $94,264,000 of series 2005-1 class A-1 5.05% notes due July 2023 in exchange for a new series of 2014-1 class A-1 5.05% notes due July 2040;

• $253.3 million, or 98.06%, of the $258.3 million of series 2005-1 class A-2 5.37% notes due July 2023 for a new series of 2014-1 class A-2 5.37% notes due July 2040;

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

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

The tenders are unchanged as of the early tender deadline, which passed at 5 p.m. ET on April 28. The early deadline was previously extended from 5 p.m. ET on April 23.

Tendered notes could no longer be withdrawn as of the original early tender date.

As previously reported, 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.

The total exchange payment will be $1 principal amount of new notes for each $1 principal amount of notes tendered by the early tender date.

Anyone tendering after the early deadline would have received 97% of the total exchange value.

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

The company also will pay accrued interest up to but excluding the settlement date, May 20.

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

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