By Cristal Cody
Tupelo, Miss., Aug. 1 – Washington Prime Group LP priced $750 million of 5.95% seven-year notes (Baa3/BBB-) on Tuesday at 98.467 to yield 6.222%, or Treasuries plus 415 basis points, according to a market source and a company news release.
BofA Merrill Lynch, Goldman Sachs & Co. LLC, Jefferies LLC and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used to repay the outstanding debt under the company’s May 2014 term loan and to reduce outstanding debt under its June 2015 term loan.
Washington Prime Group is a majority owned operating partnership subsidiary of Columbus, Ohio-based real estate investment trust Washington Prime Group Inc.
| Issuer: | Washington Prime Group LP
|
| Amount: | $750 million
|
| Description: | Notes
|
| Maturity: | Aug. 15, 2024
|
| Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co. LLC, Jefferies LLC and U.S. Bancorp Investments, Inc.
|
| Coupon: | 5.95%
|
| Price: | 98.467
|
| Yield: | 6.222%
|
| Spread: | Treasuries plus 415 bps
|
| Trade date: | Aug. 1
|
| Settlement date: | Aug. 4
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Distribution: | SEC registered
|
© 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.
