By Lisa Kerner
Charlotte, N.C., April 25 - EastGroup Properties, Inc. announced that during the first quarter, it agreed to issue $100 million of 3.8% senior notes to an insurance company in a private placement.
The transaction is expected to close on Aug. 30, with the issuance of the notes subject to due diligence and completion of final documentation, according to EastGroup's earnings news release.
The notes will require semiannual interest payments with principal payments of $30 million on Aug. 30, 2020, $50 million on Aug. 30, 2023 and $20 million on Aug. 30, 2025, complementing the company's existing debt maturity schedule.
According to EastGroup, the notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
The self-administered equity real estate investment trust is based in Jackson, Miss.
| Issuer: | EastGroup Properties, Inc.
|
| Issue: | Senior notes
|
| Amount: | $100 million
|
| Maturity: | Aug. 30, 2025
|
| Coupon: | 3.8%
|
| Settlement date: | Aug. 30
|
| Distribution: | Private placement
|
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