Private placements pick up, helped by deals from Waters, Terreno, Otter Tail, IRET

Spokane, Wash., Sept. 16 – Private placement financing activity picked up on Monday with $900 million in combined note issuance coming to market.

Bringing the largest reported deal was Waters Corp., which sold $500 million of notes in two tranches. It was followed by issuance from Investors Real Estate Trust, Terreno Realty Corp. and Otter Tail Power Co.

Waters sells $500 million

Waters sold two series of senior notes totaling $500 million, according to an 8-K filing with the Securities and Exchange Commission.

The notes include $200 million of 3.31% series L notes due Sept. 12, 2026 and $300 million of 3.53% series M notes due Sept. 12, 2029.

Waters is an analytical instrument manufacturer based in Milford, Mass.

IRET brings $125 million

Investors Real Estate Trust priced $125 million of notes under a new $150 million note purchase and private shelf agreement with Prudential Global Investment Management, according to a company news release.

The company funded $75 million of 3.84% 10-year series A senior notes. In addition, the company rate-locked $50 million of nine-year series B senior notes at 3.69% annually. These notes are scheduled to close and fund on Sept. 30.

The Minot, N.D.-based real estate investment trust acquires, develops, redevelops and manages multifamily communities.

Terreno taps market

Terreno Realty said it plans a private placement of $100 million of 3.14% 10-year senior notes.

The placement is expected to settle on Dec. 2.

Based in San Francisco, Terreno acquires, owns and operates industrial real estate.

Otter Tail active

Otter Tail Power priced a $175 million private placement of notes in seven tranches on Thursday, according to an 8-K filed Monday with the SEC.

Otter Tail is a Fergus Falls, Minn.-based electric utility company.

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