Published on 3/28/2023 in the Prospect News Investment Grade Daily.
New Issue: Rexford sells $300 million 5% notes due 2028 at 160 bps spread
By Wendy Van Sickle
Columbus, Ohio, March 28 – Rexford Industrial Realty LP priced $300 million of 5% senior notes due June 15, 2028 (Baa2/BBB+/BBB+) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 98.975 to yield 5.229%, or 160 basis points over Treasuries.
The bookrunners were J.P. Morgan Securities LLC, PNC Capital Markets LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc.
The notes are guaranteed by Rexford Industrial Realty, Inc.
Proceeds will be used to fund future acquisitions, to fund development activities and for general corporate purposes, which may include the repayment of outstanding debt.
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.
|
| Amount: | $300 million
|
| Issue: | Senior notes
|
| Maturity: | June 15, 2028
|
| Bookrunners: | J.P. Morgan Securities LLC, PNC Capital Markets LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc.
|
| Senior co-managers: | Capital One Securities, Inc. and Truist Securities, Inc.
|
| Co-managers: | Citizens Capital Markets Inc., Goldman Sachs & Co. LLC, Regions Securities LLC, Scotia Capital (USA) Inc. and Roberts & Ryan Investments, Inc.
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Latham & Watkins LLP
|
| Counsel to underwriters: | Hunton Andrews Kurth LLP
|
| Coupon: | 5%
|
| Price: | 98.975
|
| Yield: | 5.229%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until May 15, 2028, then a par call
|
| Trade date: | March 28
|
| Settlement date: | March 30
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Cusip: | 76169XAC8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
