By Devika Patel
Knoxville, Tenn., Aug. 2 – Washington Prime Group LP offered further details about a $750 million sale of 5.95% seven-year notes (Baa3/BBB-) that priced at 98.467 to yield 6.222%, or Treasuries plus 415 basis points, on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
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
|
| Call feature: | Make-whole call at Treasuries plus 50 bps until June 15, 2024, then a par call
|
| Trade date: | Aug. 1
|
| Settlement date: | Aug. 4
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Distribution: | SEC registered
|
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