Published on 8/4/2021 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Rexford sells $400 million 2.15% green notes due 2031 at 108 bps spread
By Devika Patel
Knoxville, Tenn., Aug. 4 – Rexford Industrial Realty LP priced $400 million of 2.15% green senior notes (Baa3/BBB/BBB) due Sept. 1, 2031 on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The notes were sold with a spread of Treasuries plus 108 basis points. The notes priced at 99.014 to yield 2.26%.
The bookrunners were J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC and Truist Securities, Inc.
The notes are guaranteed by Rexford Industrial Realty, Inc.
Proceeds will be used for eligible green projects.
Rexford is a Los Angeles-based real estate investment company focused on owning, operating and acquiring industrial properties in Southern California infill markets.
| Issuer: | Rexford Industrial Realty LP
|
| Guarantor: | Rexford Industrial Realty, Inc.
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| Amount: | $400 million
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| Description: | Green senior notes
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| Maturity: | Sept. 1, 2031
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| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC and Truist Securities, Inc.
|
| Senior co-managers: | Capital One Securities, Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
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| Co-managers: | Mizuho Securities USA LLC, Regions Securities LLC, Roberts & Ryan Investments, Inc., Scotia Capital (USA) Inc. and Stifel, Nicolaus & Co., Inc.
|
| Coupon: | 2.15%
|
| Price: | 99.014
|
| Yield: | 2.26%
|
| Spread: | Treasuries plus 108 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps until June 1, 2031, then a par call
|
| Trade date: | Aug. 4
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| Settlement date: | Aug. 9
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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| Cusip: | 76169XAB0
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