By Aleesia Forni
Virginia Beach, March 17 – Washington Prime Group Inc. sold $250 million of 3.85% five-year notes (Baa2/BBB/BBB-) on Tuesday at Treasuries plus 230 basis points, according to an informed source and a company news release.
The notes sold at 99.972 to yield 3.856%.
Pricing was wider than initial price thoughts set at 215 bps to 220 bps over Treasuries.
A planned 10-year tranche was dropped prior to the deal’s launch.
Proceeds will be used to repay debt.
The bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBS Securities Inc.
Washington Prime is a Bethesda, Md.-based real estate investment trust.
| Issuer: | Washington Prime Group Inc.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2020
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Coupon: | 3.85%
|
| Price: | 99.972
|
| Yield: | 3.856%
|
| Spread: | 230 bps over Treasuries
|
| Trade date: | March 17
|
| Settlement date: | March 24
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Fitch: BBB-
|
| Distribution: | Rule 144A, Regulation S
|
| Price guidance: | 215 bps to 220 bps over Treasuries
|
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