New Issue: Phillips Edison sells $350 million 2.625% 10-year notes at Treasuries plus 123 bps

Chicago, Sept. 29 – Phillips Edison Grocery Center Operating Partnership I, LP sold $350 million of 2.625% 10-year senior notes (Baa3/BBB-) on Wednesday, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 98.692 to yield 2.774%, or with a spread of Treasuries plus 123 basis points.

The notes have a make-whole call with a Treasuries plus 20 bps premium and are then redeemable at par starting Aug. 15, 2031.

The joint bookrunners are Wells Fargo Securities LLC, BofA Securities Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC.

BMO Capital Markets Corp., Capital One Securities, Inc., Fifth Third Securities, Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Regions Securities LLC and U.S. Bancorp Investments, Inc. are also bookrunners.

Proceeds will be used to repay debt, including the $150 million remaining balance on the 2023 term loan, and for general corporate purposes.

The notes will be guaranteed by parent company Phillips Edison & Co., Inc.

The Cincinnati company is a real estate investment trust that acquires and manages grocery-anchored neighborhood shopping centers.

Issuer:	Phillips Edison Grocery Center Operating Partnership I, LP
Guarantor:	Phillips Edison & Co., Inc.
Issue:	Senior notes
Amount:	$350 million
Maturity:	Nov. 15, 2031
Bookrunners:	Wells Fargo Securities LLC, BofA Securities Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., Capital One Securities, Inc., Fifth Third Securities, Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Regions Securities LLC and U.S. Bancorp Investments, Inc.
Co-manager:	Samuel A. Ramirez & Co., Inc.
Trustee:	U.S. Bank NA
Counsel to issuer:	Latham & Watkins LLP, Venable LLP (Maryland)
Counsel to bookrunners:	Goodwin Procter LLP
Coupon:	2.625%
Price:	98.692
Yield:	2.774%
Spread:	Treasuries plus 123 bps
Call features:	Make-whole call at Treasuries plus 20 bps until Aug. 15, 2031; thereafter at par
Trade date:	Sept. 29
Settlement date:	Oct. 6
Ratings:	Moody’s: Baa3
	S&P: BBB-
Distribution:	SEC registered
Cusip:	71845JAA6

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