A story in the Sept. 19 edition of the Prospect News Private Placement Daily about Four Corners Property Trust, Inc.’s $100 million private placement of notes in two tranches reported incorrect pricing and settlement dates and misidentified the source of the information. A corrected version of the story follows:
Columbus, Ohio, Sept. 20 – Four Corners Property Trust, Inc. priced a $100 million private placement of senior notes on Tuesday, according to a press release.
An eight-year $50 million tranche accrues interest at 4.63% per year. The notes priced with a spread of 182 basis points over Treasuries.
The 10-year $50 million tranche accrues interest at 4.76% per year. The notes priced with a spread of 192 bps over Treasuries.
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.
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| Issue: | Senior notes
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| Amount: | $100 million
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| Pricing date: | Sept. 18
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| Settlement date: | Dec. 20
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| Distribution: | Private placement
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|
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| Notes due 2026
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| Amount: | $50 million
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| Maturity: | Dec. 20, 2026
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| Coupon: | 4.63%
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| Spread: | Treasuries plus 182 bps
|
|
|
| Notes due 2028
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| Amount: | $50 million
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| Maturity: | Dec. 20, 2028
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| Coupon: | 4.76%
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| Spread: | Treasuries plus 192 bps
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