By Andrea Heisinger
New York, March 20 - Weingarten Realty Investors priced an upsized $300 million sale of 3.5% 10-year senior notes (Baa2/BBB/) at Treasuries plus 165 basis points, an informed source said.
The size was increased from $250 million, the source said.
Pricing was at 99.528 to yield 3.556%. There is a make-whole call at Treasuries plus 25 bps to Jan. 15, 2023, with a par call after that date.
Bookrunners were BofA Merrill Lynch, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Proceeds are being used to repay amounts outstanding under a $500 million unsecured revolving credit facility borrowed for general corporate purposes.
The real estate investment trust for shopping centers is based in Houston.
| Issuer: | Weingarten Realty Investors
|
| Issue: | Senior notes
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | April 15, 2023
|
| Bookrunners: | BofA Merrill Lynch, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Co-managers: | Regions Securities LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., Williams Capital Group LP, SMBC Nikko Capital Markets Ltd.
|
| Coupon: | 3.5%
|
| Price: | 99.528
|
| Yield: | 3.556%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to Jan. 15, 2023, par call after
|
| Trade date: | March 19
|
| Settlement date: | March 22
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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