By Cristal Cody
Tupelo, Miss., June 4 – Federal Realty Investment Trust priced $300 million of 3.2% 10-year notes (A3/A-) on Tuesday at a spread of 110 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Price guidance was in the Treasuries plus 115 bps area, plus or minus 5 bps. The notes were initially talked to print with a Treasuries plus 130 bps spread.
The trust sold the notes at 99.838 to yield 3.219%.
BofA Securities Inc., Jefferies LLC, U.S. Bancorp Investments Inc., Regions Securities LLC, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used to repay the balance of the company’s unsecured term loan and for general corporate purposes.
The real estate investment trust for retail and mixed-use buildings is based in Rockville, Md.
| Issuer: | Federal Realty Investment Trust
|
| Amount: | $300 million
|
| Description: | Notes
|
| Maturity: | June 15, 2029
|
| Bookrunners: | BofA Securities Inc., Jefferies LLC, U.S. Bancorp Investments Inc., Regions Securities LLC, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC
|
| Coupon: | 3.2%
|
| Price: | 99.838
|
| Yield: | 3.219%
|
| Spread: | Treasuries plus 110 bps
|
| Call features: | Make-whole call before March 15, 2029 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | June 4
|
| Settlement date: | June 7
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 115 bps area, plus or minus 5 bps; initial talk at Treasuries plus 130 bps area
|
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