Regency Centers gets consents to end unit guarantees for 3.75% notes

By Susanna Moon

Chicago, July 27 – Regency Centers Corp. said it obtained the needed consents to amend the $300 million of 3.75% senior notes due 2022 originally issued by Equity One, Inc.

The amendments will become operative upon payment of the consent fee on July 28, according to a company notice on Thursday.

The company said on July 19 that the solicitation, conducted jointly with operating partnership Regency Centers, LP, was being made to amend the note indenture in order to terminate the guarantees of the notes provided by some subsidiaries of the operating partnership.

By taking this action, Regency Centers will no longer have to provide summary financial information for the subsidiaries, simplifying the company’s financial reporting obligations.

Consents were need from holders of a majority of the notes in order to make the changes.

Regency Centers will pay $1.50 per $1,000 principal amount of notes for consents sent by 5 p.m. ET on July 26.

Wells Fargo Securities LLC (704 410-4760 or 866 309-6316) is solicitation agent. D.F. King & Co., Inc. (212 269-5550, 800 622-1649 or reg@dfking.com) is information agent and tabulation agent.

Regency Centers is a Jacksonville, Fla., owner, operator and developer of neighborhood and community shopping centers.

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