By Wendy Van Sickle
Columbus, Ohio, Dec. 17 – Four Corners Property Trust, Inc. sold $125 million of senior notes in a private placement, according to a press release.
The notes consist of $50 million of 3.09% notes with a nine-year term and $75 million 3.11% notes with a 10-year term.
In connection with the offering, the company terminated interest rate swaps entered into previously to hedge the interest rate of the offering at a gain, which will be amortized over the life of the notes and effectively makes the note’s all-in interest rate 3.07%.
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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| Amount: | $125 million
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| Issue: | Senior notes
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| Announcement date: | Dec. 17
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| Distribution: | Private placement
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| Nine-year notes
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| Amount: | $50 million
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| Tenor: | Nine years
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| Coupon: | 3.09%
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| 10-year notes
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| Amount: | $75 million
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| Tenor: | 10 years
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| Coupon: | 3.11%
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