By Devika Patel
Knoxville, Tenn., April 20 – Four Corners Property Trust, Inc. priced a $125 million private placement of senior unsecured notes on April 19, according to an 8-K filed Thursday with the Securities and Exchange Commission.
J.P. Morgan Securities LLC and Barclays are the agents.
The $50 million first-tranche note is due in seven years and accrues interest at 4.68% per year. The note priced with a spread of 235 basis points above Treasuries.
The $75 million second-tranche note is due in 10 years and accrues interest at 4.93% per year. The note priced with a spread of 240 bps above Treasuries.
Both notes have a make-whole call.
These issues have a weighted average maturity of 8.8 years and a weighted average fixed interest rate of 4.83%.
Interest will be payable semiannually on June 7 and Dec. 7.
Proceeds will be used to reduce debt under the company’s unsecured credit facility, for future acquisitions 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.
|
| Issue: | Senior unsecured notes
|
| Amount: | $125 million
|
| Agents: | J.P. Morgan Securities LLC and Barclays
|
| Pricing date: | April 19
|
| Settlement date: | June 7
|
| Distribution: | Private placement
|
|
|
| First tranche
|
| Amount: | $50 million
|
| Maturity: | June 7, 2024
|
| Coupon: | 4.68%
|
| Call: | Make-whole call
|
|
|
| Second tranche
|
| Amount: | $75 million
|
| Maturity: | June 7, 2027
|
| Coupon: | 4.93%
|
| Call: | Make-whole call
|
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