By Paul A. Harris
Portland, Ore., Sept. 30 – American Finance Trust, Inc. priced its upsized $500 million offering of seven-year senior bullet notes (S&P: BB+) at par to yield 4½% on Thursday, according to market sources and a press release.
The yield printed in the middle of yield talk in the 4½% area as well as initial guidance, with the offer upsized from an announced $400 million.
KeyBanc Capital Markets Inc. managed the placement of the notes.
The New York-based real estate investment trust plans to use the proceeds to repay debt under its revolving credit facility, to repay certain mortgage notes, to fund future property acquisitions and for general corporate purposes.
American Finance Trust is focused on commercial properties.
| Issuer: | American Finance Trust, Inc.
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| Amount: | $500 million
|
| Maturity: | 2028
|
| Securities: | Senior notes
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| Lead: | KeyBanc Capital Markets Inc.
|
| Coupon: | 4½%
|
| Price: | Par
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| Yield: | 4½%
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| Call protection: | Non-callable
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| Trade date: | Sept. 30
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| Settlement date: | Oct. 7
|
| Rating: | S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4½% area
|
| Marketing: | Roadshow
|
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