Trustreet Properties to launch $250 million 10-year notes Wednesday

By Paul A. Harris

St. Louis, March 7 - Trustreet Properties Inc. will launch its $250 million offering of 10-year senior notes (B1/B+/BB-) in a roadshow running from Wednesday until March 17, according to a syndicate source.

Pricing is expected to take place March 17.

Banc of America Securities LLC has the books for the Rule 144A/Regulation S with registration rights offering. Credit Suisse First Boston and Rabo Securities are co-managers.

The notes will be non-callable for five years.

Proceeds will be used to repay debt incurred as part of the recently completed transactions in which CNL Restaurant Properties Inc. and the 18 CNL Income Funds merged into U.S. Restaurant Properties Inc. U.S. Restaurant Properties and its subsidiaries subsequently changed their name to Trustreet Properties Inc.

Trustreet Properties is an Orlando, Fla., real estate investment trust focused on the restaurant industry.

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