MSC Industrial Supply places $175 million; Agree Realty to issue $60 million 12-year notes

By Lisa Kerner

Charlotte, N.C., July 6 – MSC Industrial Supply Co. announced it will place $175 million of senior notes with New York Life Insurance Co. and one or more of its affiliates.

Proceeds, along with borrowings under the company’s revolving credit facility, will be used to buy back stock.

Based in Melville, N.Y., MSC distributes metalworking and maintenance, repair and operations supplies to industrial customers.

Agree Realty Corp. agreed to issue $60 million of 12-year 4.42% senior notes due July 2028 as part of a $100 million debt financing that also includes a $40 million term loan.

Proceeds will be used to reduce amounts outstanding under the company’s credit facility and for general corporate purposes, according to a news release.

Closing and funding of the notes is expected to occur July 28.

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 retail tenants.

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