By Devika Patel
Knoxville, Tenn., Sept. 20 – Agree LP settled a $100 million private placement of 4.19% guaranteed senior unsecured notes due Sept. 20, 2029 on Wednesday, according to an 8-K filed with the Securities and Exchange Commission. The deal priced on Aug. 3.
The note has a make-whole call.
The all-in pricing represented 165 basis points above the 12-year interpolated U.S. Treasury yield curve at the time of pricing.
With the sale of these notes, the company's weighted-average debt maturity is 7.9 years.
The notes are guaranteed by Agree Realty Corp.
Proceeds will be used to reduce outstanding debt under the company's unsecured revolving credit facility 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.
| Issuer: | Agree LP
|
| Guarantor: | Agree Realty Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $100 million
|
| Maturity: | Sept. 20, 2029
|
| Coupon: | 4.19%
|
| Call: | Make-whole call
|
| Pricing date: | Aug. 3
|
| Settlement date: | Sept. 20
|
| Distribution: | Private placement
|
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