Published on 7/7/2016 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Care Capital Properties prices $500 million 10-year notes at par to yield 5.125%
By Paul A. Harris
Portland, Ore., July 7 – Care Capital Properties, LP priced a $500 million issue of non-callable 10-year senior notes (Baa3/BBB-/BBB-) at par to yield 5.125% on Thursday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 5.25% area. Initial guidance was also 5.25%.
In an attempt to reach a broad investor base, the investment-grade rated deal was run as a joint effort on the high-yield and high-grade syndicate desks, an informed source said.
Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch were the joint bookrunners.
The Chicago-based health care real estate investment trust plans to use the proceeds to repay all debt outstanding under its $600 million term loan and a portion of the debt outstanding under its $800 million term loan.
| Issuer: | Care Capital Properties, LP
|
| Amount: | $500 million
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| Maturity: | Aug. 15, 2026
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| Securities: | Senior notes
|
| Bookrunners: | Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch
|
| Senior co-managers: | Stifel Nicolaus & Co. Inc., MUFG, PNC Capital Markets LLC, Credit Agricole Securities (USA) Inc.
|
| Co-managers: | BBVA Securities Inc., RBC Capital Markets LLC, UBS Securities LLC, Morgan Stanley & Co. LLC, BB&T Capital Markets, Fifth Third Securities Inc.
|
| Coupon: | 5.125%
|
| Price: | Par
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| Yield: | 5.125%
|
| Spread: | 373.7 bps
|
| Call protection: | Non-callable
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| Trade date: | July 7
|
| Settlement date: | July 14
|
| Ratings: | Moody's: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
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| Price talk: | 5.25% area
|
| Marketing: | Roadshow
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