By Paul A. Harris
St. Louis, Sept. 12 - Trustreet Properties Inc. priced a $50 million add-on to its 7½% senior notes due April 1, 2015 (B1/B+) at 102.375 on Monday resulting in a yield of 7.152%, according to an informed source.
Banc of America Securities LLC ran the books for the Rule 144A with registration rights issue.
Proceeds will be used to repay the company's revolving credit facility due 2008.
The original $250 million issue priced at par on March 17, 2005. The total issue size following Monday's add-on is $300 million.
Trustreet Properties is an Orlando, Fla., real estate investment trust focused on the restaurant industry with a portfolio of about 1,900 properties.
| Issuer: | Trustreet Properties Inc.
|
| Amount: | $50 million
|
| Maturity: | April 1, 2015
|
| Security description: | Add-on to the 7½% senior notes
|
| Bookrunner: | Banc of America Securities LLC
|
| Coupon: | 7½%
|
| Price: | 102.375
|
| Yield: | 7.152%
|
| Spread: | 299 basis points
|
| First call: | April 1, 2010 at 103.75
|
| Equity clawback: | Until April 1, 2008 for 35% at 107.50
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 15 with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Original issue: | $250 million priced at par on March 17, 2005
|
| Total issue size: | $300 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
