New Issue: Agree Realty sells $300 million 4.8% notes due 2032 to yield Treasuries plus 212.5 bps

Chicago, Aug. 15 – Agree LP priced $300 million of 4.8% notes due 2032 (Baa1/BBB) on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes are guaranteed by Agree Realty Corp.

Pricing on the notes came at 99.171 to yield 4.904%, or a spread of 212.5 basis points over Treasuries.

Before July 1, 2032, the notes can be redeemed with a make-whole premium of Treasuries plus 35 bps. After that date, they can be redeemed at par.

Joint bookrunners are Citigroup Global Markets Inc., Wells Fargo Securities, LLC and PNC Capital Markets LLC.

Proceeds will be used for general corporate purposes, including to reduce amounts under the company’s $1 billion senior revolving credit facility.

“Taking into account the termination of our forward starting swaps, the notes have an effective all-in interest rate of approximately 3.76% and extend our weighted-average debt maturity to approximately eight years, excluding the unsecured revolving credit facility,” the chief financial officer for Agree, Peter Coughenour, said in a press release about the offer.

Agree Realty is a real estate investment trust located in Bloomfield Hills, Mich.

Issuer:	Agree LP
Guarantor:	Agree Realty Corp.
Amount:	$300 million
Issue:	Notes
Maturity:	Oct. 1, 2032
Bookrunners:	Citigroup Global Markets Inc., Wells Fargo Securities, LLC and PNC Capital Markets LLC
Co-managers:	BofA Securities, Inc., J.P. Morgan Securities LLC, Stifel, Nicolaus & Co., Inc., Capital One Securities, Inc., Citizens Capital Markets, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., Regions Securities LLC and U.S. Bancorp Investments, Inc.
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Honigman LLP and Ballard Spahr LLP
Counsel to underwriters:	Latham & Watkins LLP
Coupon:	4.8%
Price:	99.171
Yield:	4.904%
Spread:	Treasuries plus 212.5 bps
Call features:	Make-whole call at Treasuries plus 35 bps until July 1, 2032; at par thereafter
Trade date:	Aug. 15
Settlement date:	Aug. 22
Ratings:	Moody’s: Baa1
	S&P: BBB
Distribution:	SEC registered
Cusip:	008513AD5

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