By Lisa Kerner
Charlotte, N.C., March 30 – Empire State Realty Trust, Inc. operating partnership Empire State Realty OP, LP sold $350 million of its senior unsecured notes in a private placement to Prudential Capital Group affiliates.
The notes were issued as
• $100 million of 3.93% series A senior notes due 2025;
• $125 million of 4.09% series B senior notes due 2027; and
• $125 million of 4.18% series C senior notes due 2030.
Proceeds will be used by the operating partnership to repay outstanding mortgage debt on two properties, reduce amounts outstanding under its unsecured revolving line of credit and for other general corporate purposes.
Interest on the notes is payable quarterly, beginning on June 27, according to a company news release.
The notes have a make-whole call at Treasuries plus 50 basis points.
Empire State Realty OP may prepay all or a portion of the notes upon notice to the holders for 100% of the principal amount so prepaid plus a make-whole premium, according to a form 8-K filed with the Securities and Exchange Commission.
The notes are senior unsecured obligations of the operating partnership and are guaranteed by the company’s subsidiaries.
Empire State Realty Trust, Inc. is a real estate investment trust based in New York City.
| Issuer: | Empire State Realty OP, LP
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Distribution: | Private placement
|
| Purchaser: | Prudential Capital Group
|
|
|
| Series A senior notes
|
| Amount: | $100 million
|
| Coupon: | 3.93%
|
| Maturity: | March 27, 2025
|
|
|
| Series B senior notes
|
| Amount: | $125 million
|
| Coupon: | 4.09%
|
| Maturity: | March 27, 2027
|
|
|
| Series C senior notes
|
| Amount: | $125 million
|
| Coupon: | 4.18%
|
| Maturity: | March 27, 2030
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
