Fitch assigns Washington Prime notes BBB-

Fitch Ratings said it assigned a credit rating of BBB- to the inaugural senior unsecured notes offerings due 2020 and 2025 by Washington Prime Group, LP, a subsidiary of WP Glimcher.

Proceeds will be used to repay borrowings under its bridge agreement plus accrued and unpaid interest thereon.

The outlook is stable.

On Jan. 15, Washington Prime borrowed $1.19 billion pursuant to the $1.25 billion bridge agreement that was put in place to facilitate the merger of Washington Prime and Glimcher Realty Trust, which formed WP Glimcher.

Proceeds from the inaugural bond offering will improve WP Glimcher’s liquidity, and together with proceeds from a joint venture announced with O'Connor Mall Partners, LP, will result in leverage consistent with the BBB- issuer default rating as previously contemplated by Fitch.

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