By Sarah Lizee
Olympia, Wash., March 31 – Four Corners Property Trust, Inc. sold $125 million of senior notes in a private placement, according to a press release.
The notes consist of $75 million 3.2% notes due April 8, 2030 and $50 million of 3.15% notes due June 9, 2029.
In connection with the offering, the company terminated interest rate swaps entered into previously to hedge the interest rate of the offering at a loss which will be amortized over the life of the notes and add about 0.67% to the all-in annual interest rate expense.
Proceeds will be used to reduce amounts outstanding under its credit facility and for general corporate purposes.
Four Corners is a Mill Valley, Calif.-based company that acquires and leases restaurant locations.
| Issuer: | Four Corners Property Trust, Inc.
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| Issue: | Senior notes
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| Amount: | $125 million
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| Distribution: | Private placement
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| 10-year notes
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| Amount: | $75 million
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| Maturity: | April 8, 2030
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| Coupon: | 3.2%
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| Nine-year notes
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| Amount: | $50 million
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| Maturity: | June 9, 2029
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| Coupon: | 3.15%
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