By Devika Patel
Knoxville, Tenn., Dec. 7 – EPR Properties priced $450 million 4.75% notes due 2026 to yield Treasuries plus 260 basis points on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes were priced at 98.429 to yield 4.951%.
The notes (Baa2/BBB-/BBB-) have a make-whole call at Treasuries plus 40 basis points until Sept. 15, 2026 and then a par call.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets Corp. were the bookrunners. KeyBanc Capital Markets Inc. and U.S. Bancorp Investments Inc. were lead managers.
Proceeds will be used to repay the principal of the company’s unsecured revolving credit facilities and for general business purposes.
The real estate investment trust for entertainment properties is based in Kansas City, Mo.
| Issuer: | EPR Properties
|
| Description: | Notes
|
| Amount: | $450 million
|
| Maturity: | Dec. 15, 2026
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets Corp.
|
| Lead managers: | KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc.
|
| Co-managers: | Stifel, Nicolaus & Co. Inc., BNP Paribas Securities Corp., UMB Financial Services, Inc., BOK Financial Securities, Inc.
|
| Coupon: | 4.75%
|
| Price: | 98.429
|
| Yield: | 4.951%
|
| Spread: | Treasuries plus 260 bps
|
| Call feature: | Make-whole call at Treasuries plus 40 bps until Sept. 15, 2026 and then a par call
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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