Published on 5/2/2016 in the Prospect News Private Placement Daily.
Store Capital details placement of $200 million 10-year senior notes
By Lisa Kerner
Charlotte, N.C., May 2 – Store Capital Corp. detailed its private placement of $200 million of 4.73% 10-year senior notes, series C, in a form 8-K filed with the Securities and Exchange Commission.
The notes have a make-whole call at Treasuries plus 50 basis points.
Store Capital may choose to prepay at any time all, or from time to time any part of, the notes at par plus a make-whole amount. In the case of a partial prepayment, the amount must be at least 5% of the principal amount of the notes then outstanding.
The notes are guaranteed by the company’s wholly owned subsidiary, Store Capital Acquisitions, LLC.
Goldman, Sachs & Co. and Morgan Stanley acted as placement agents.
Proceeds will be used to reduce amounts outstanding under the company’s unsecured credit facility and for general corporate purposes.
The notes were rated BBB- by Fitch Ratings, Inc., according to a news release.
Purchasers include Catholic Financial Life, Catholic United Financial, Cincinnati Insurance Co., Cincinnati Life Insurance Co., Farm Bureau Life Insurance Co. of Michigan, Gleaner Life Insurance Society, Great Western Insurance Co., Minnesota Life Insurance Co., New Era Life Insurance Co., Trustmark Insurance Co., American Family Life Insurance Co., Athene Annuity and Life Co., American Equity Investment Life Insurance Co., Integrity Life Insurance Co., The Lafayette Life Insurance Co., The Guardian Life Insurance Co. of America, OCM Credit Portfolio LP, The Prudential Insurance Co. of America, Blue Cross and Blue Shield of Minnesota, Sun Life Assurance Co. of Canada, Teachers Insurance and Annuity Association of America, USAA Life Insurance Co.
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: | $200 million
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| Coupon: | 4.73%
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| Maturity: | April 28, 2026
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| Call: | Make-whole at Treasuries plus 50 bps
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| Agents: | Goldman, Sachs & Co. and Morgan Stanley
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| Ratings: | Fitch: BBB-
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| Distribution: | Private placement
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| Purchasers: | Catholic Financial Life, Catholic United Financial, Cincinnati Insurance Co., Cincinnati Life Insurance Co., Farm Bureau Life Insurance Co. of Michigan, Gleaner Life Insurance Society, Great Western Insurance Co., Minnesota Life Insurance Co., New Era Life Insurance Co., Trustmark Insurance Co., American Family Life Insurance Co., Athene Annuity and Life Co., American Equity Investment Life Insurance Co., Integrity Life Insurance Co., The Lafayette Life Insurance Co., The Guardian Life Insurance Co. of America, OCM Credit Portfolio LP, The Prudential Insurance Co. of America, Blue Cross and Blue Shield of Minnesota, Sun Life Assurance Co. of Canada, Teachers Insurance and Annuity Association of America, USAA Life Insurance Co.
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