By Rebecca Melvin
New York, March 27 – InRetail Shopping Malls, a subsidiary of InRetail Real Estate Corp., priced $350 million of 5¾% notes due 2028 (expected ratings: Ba2/BB/BB+) at par on Tuesday, according to a market source.
Pricing of the Rule 144A and Regulation S notes was tighter than initial talk in the low 6% area.
The notes, which are non-callable for five years, are guaranteed by InRetail Real Estate and operating subsidiaries Interproperties Holding, Interproperties Holding II and Real Plaza.
Citigroup and JPMorgan were bookrunners of the deal, for which proceeds are earmarked primarily to refinance debt, including InRetail's $300 million of notes due 2021, to grant a $150 million loan to InRetail Peru Corp. and for general corporate purposes.
InRetail is a shopping mall operator based in Lima, Peru.
| Issuer: | InRetail Real Estate Corp.
|
| Amount: | $350 million
|
| Maturity: | 2028
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup and JPMorgan
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Call: | Non-callable for five years
|
| Trade date: | March 27
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Low 6% area
|
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