Published on 10/4/2018 in the Prospect News Investment Grade Daily.
New Issue: Vereit prices $550 million 4.625% senior notes due 2025 at 160 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Oct. 4 – Vereit Operating Partnership LP priced $550 million of 4.625% seven-year senior notes (Baa3/BBB-/BBB-) on Thursday at 99.328 to yield 4.738%, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 160 basis points.
Wells Fargo Securities LLC, BMO Capital Markets Corp., J.P. Morgan Securities LLC, BofA Merrill Lynch, SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., Barclays, Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Regions Securities LLC were the bookrunners.
The notes are guaranteed by Vereit, Inc.
Proceeds will be used to repay debt under the company’s revolving credit facility.
Vereit is a Phoenix-based owner and manager of a portfolio of retail, restaurant, office and industrial real estate assets.
| Issuer: | Vereit Operating Partnership LP
|
| Guarantor: | Vereit, Inc.
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| Amount: | $550 million
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| Description: | Senior notes
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| Maturity: | Nov. 1, 2025
|
| Bookrunners: | Wells Fargo Securities LLC, BMO Capital Markets Corp., J.P. Morgan Securities LLC, BofA Merrill Lynch, SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., Barclays, Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Regions Securities LLC
|
| Co-managers: | BNY Mellon Capital Markets, LLC, KeyBanc Capital Markets Inc., Comerica Securities, Inc., Janney Montgomery Scott LLC and FTN Financial Securities Corp.
|
| Coupon: | 4.625%
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| Price: | 99.328
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| Yield: | 4.738%
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| Spread: | Treasuries plus 160 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps up to but not including the date 60 days before maturity; thereafter at par
|
| Trade date: | Oct. 4
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| Settlement date: | Oct. 16
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
|
| Distribution: | SEC registered
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