Agree sets talk for $600 million two-part notes via two bookrunners

By Devika Patel and Cristal Cody

Knoxville, Tenn., May 5 – Agree LP plans to offer notes in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The company will sell $600 million of notes in two tranches of $300 million each, with one tranche due June 15, 2028 being talked in the Treasuries plus 115 basis points area and one tranche maturing on June 15, 2033, being talked in the Treasuries plus 140 bps area, according to a market source.

The notes feature a make-whole call and then a par call.

Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to repay debt under the company’s revolving credit facility and its unsecured term loan facilities, settle certain swap agreements and for general corporate purposes.

Agree, based in Bloomfield Hills, Mich., is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants.

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