Washington REIT launches upsized $300 million 10-year notes at Treasuries plus 225 bps

By Andrea Heisinger

New York, Sept. 12 - Washington Real Estate Investment Trust launched an upsized $300 million of 10-year notes on Wednesday, according to a filing with the Securities and Exchange Commission and a source close to the trade.

The size of the trade was increased from $250 million.

The notes (Baa2/BBB/) have a maturity of Oct. 15, 2022 and were being talked in the 250 basis points over Treasuries area as of late morning in the New York session. The deal was launched tighter than that level at 225 bps over Treasuries, the source said.

There will be a make-whole call option until July 15, 2022, and the notes will be callable at par after that date.

Bookrunners are Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC.

Senior co-managers are Bank of America Merrill Lynch, Raymond James & Associates, Stifel Nicholas Weisel and SunTrust Robinson Humphrey Inc.

Proceeeds will be used to repay borrowings under lines of credit and for general corporate purposes.

The equity REIT for a variety of property types is based in Rockville, Md.

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