New Issue: Weingarten Realty prices $250 million 3.85% 10-year notes at 175 bps over Treasuries

By Aleesia Forni

Virginia Beach, May 7 – Weingarten Realty Investors was in Thursday’s market with a $250 million offering of 3.85% 10-year senior notes (Baa2/BBB/) priced at Treasuries plus 175 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes sold at the tight end of talk after having firmed from initial price thoughts set in the range of 190 bps to 195 bps over Treasuries.

The issue priced at 99.233 with a yield of 3.943%.

Bookrunners are Wells Fargo Securities LLC, BofA Merrill Lynch, Jefferies & Co. and J.P. Morgan Securities LLC.

Proceeds will be used to repay amounts outstanding under a $500 million unsecured revolving credit facility.

The real estate investment trust for shopping centers is based in Houston.

Issuer:	Weingarten Realty Investors
Amount:	$250 million
Description:	Senior notes
Maturity:	June 1, 2025
Bookrunners:	Wells Fargo Securities LLC, BofA Merrill Lynch, Jefferies & Co., J.P. Morgan Securities LLC
Co-managers:	U.S. Bancorp Investments, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Regions Securities LLC, SMBC Nikko Securities America, Inc., BB&T Capital Markets, Williams Capital Group, LP
Coupon:	3.85%
Price:	99.233
Yield:	3.943%
Spread:	175 bps over Treasuries
Make-whole call:	30 bps prior to March 1, 2025, then callable at par
Trade date:	May 7
Settlement date:	May 14
Ratings:	Moody’s: Baa2
	Standard & Poor’s: BBB
Distribution:	SEC registered
Price guidance:	180 bps area over Treasuries, tightened from 190 bps to 195 bps

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