Published on 4/28/2021 in the Prospect News Investment Grade Daily.
New Issue: Safehold prices $400 million 2.8% 10-year senior notes at 125 bps over Treasuries
By Marisa Wong
Los Angeles, April 28 – Safehold Operating Partnership LP priced $400 million of 2.8% senior notes due 2031 (Baa1//BBB+) guaranteed by Safehold Inc., according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.127 to yield 2.9%, or a spread of 125 basis points over Treasuries.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Truist Securities, Inc. are the joint bookrunners.
Safehold is a real estate investment trust based in New York.
Issuer: | Safehold Operating Partnership LP
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Guarantor: | Safehold Inc.
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Issue: | Senior notes
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Amount: | $400 million
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Maturity: | June 15, 2031
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Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Truist Securities, Inc.
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Co-managers: | Capital One Securities, Inc., Raymond James & Associates, Inc., SMBC Nikko Securities America, Inc. and Berenberg Capital Markets LLC
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Coupon: | 2.8%
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Price: | 99.127
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Yield: | 2.9%
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Spread: | 125 bps over Treasuries
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Call features: | Make-whole call at Treasuries plus 20 bps prior to March 15, 2031; par call after that
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Pricing date: | April 28
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Settlement date: | May 7
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Ratings: | Moody’s: Baa1
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| Fitch: BBB+
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