By Lisa Kerner
Charlotte, N.C., Nov. 20 – Store Capital Corp. closed its first private placement of $175 million of investment grade-rated senior notes.
The notes were sold as:
• $75 million of 4.95% series A notes due Nov. 21, 2022; and
• $100 million of 5.24% series B notes due Nov. 21, 2024.
Proceeds will be used to repay outstanding amounts on the company’s unsecured revolving credit facility.
Interest on the notes is payable semiannually on May 21 and Nov. 21, beginning of May 21, 2016.
The notes were rated BBB- by Fitch Ratings, Inc., according to a news release.
Goldman, Sachs & Co. and Morgan Stanley acted as placement agents.
Store Capital is a real estate investment trust based in Scottsdale, Ariz.
| Issuer: | Store Capital Corp.
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| Issue: | Senior notes
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| Amount: | $175 million
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| Rating: | Fitch: BBB-
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| Distribution: | Private placement
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| Agents: | Goldman, Sachs & Co., Morgan Stanley
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| Series A
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| Amount: | $75 million
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| Coupon: | 4.95%
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| Maturity: | Nov. 21, 2022
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| Series B
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| Amount: | $100 million
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| Coupon: | 5.24%
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| Maturity: | Nov. 21, 2024
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