By Wendy Van Sickle
Columbus, Ohio, Feb. 25 – Four Corners Property Trust, Inc. sold $100 million of senior notes in a private placement, according to a press release.
The notes consist of $50 million 2.74% notes due April 30, 2029 and $50 million of 2.99% notes due April 29, 2031.
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 0.17% 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: | $100 million
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Announcement date: | Feb. 25
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Distribution: | Private placement
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Eight-year notes
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Amount: | $50 million
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Maturity: | April 30, 2029
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Coupon: | 2.74%
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10-year notes
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Amount: | $50 million
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Maturity: | April 29, 2031
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Coupon: | 2.99%
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