Published on 11/19/2019 in the Prospect News Investment Grade Daily.
New Issue: Vereit prices $600 million 3.1% 10-year senior notes at Treasuries plus 145 bps
By Cristal Cody
Tupelo, Miss., Nov. 19 – Vereit Operating Partnership LP sold $600 million of 3.1% 10-year guaranteed senior notes (Baa3/BBB-/BBB) at a spread of 145 basis points over Treasuries on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 98.842 to yield 3.236%.
Wells Fargo Securities LLC, BMO Capital Markets Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., SMBC Nikko Securities America Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Regions Securities LLC and U.S. Bancorp Investments, Inc. were the bookrunners.
The notes are guaranteed by Vereit, Inc.
Proceeds will be used to redeem the company’s $400 million of 4.125% senior notes due 2021.
Vereit is a Phoenix-based owner and manager of a portfolio of retail, restaurant, office and industrial real estate assets.
Issuer: | Vereit Operating Partnership LP
|
Guarantor: | Vereit, Inc.
|
Amount: | $600 million
|
Description: | Senior notes
|
Maturity: | Dec. 15, 2029
|
Bookrunners: | Wells Fargo Securities LLC, BMO Capital Markets Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., SMBC Nikko Securities America Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Regions Securities LLC and U.S. Bancorp Investments, Inc.
|
Co-managers: | BNY Mellon Capital Markets, LLC, KeyBanc Capital Markets Inc., Comerica Securities, Inc., FHN Financial Securities Corp. and Janney Montgomery Scott LLC
|
Coupon: | 3.1%
|
Price: | 98.842
|
Yield: | 3.236%
|
Spread: | Treasuries plus 145 bps
|
Call features: | Make-whole call at Treasuries plus 25 bps up to but not including date 90 days before maturity; thereafter at par
|
Trade date: | Nov. 19
|
Settlement date: | Dec. 4
|
Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.