Getty Realty wraps $50 million 4.75% notes; KION sells €958 million; SNP gets €40 million

By Devika Patel

Knoxville, Tenn., Feb. 21 – The week began with Jericho, N.Y., real estate investment trust Getty Realty Corp. announcing the completion of a $50 million private placement of 4.75% series C guaranteed senior notes due Feb. 25, 2025 with Prudential Insurance Co.

Proceeds from the Getty deal were used to repay $50 million of borrowings under the company’s existing $175 million revolving facility.

In addition, KION Group AG said it issued its first Schuldschein promissory notes for €958 million, and Heidelberg, Germany, software company SNP Schneider-Neureither & Partner AG said it settled a €40 million Schuldschein private placement, consisting of a borrower's note loan.

The KION notes are divided into tranches with maturities of five, seven and 10 years, with fixed- and floating-rate coupons.

The proceeds will be used for refinancing the €459 million remaining debt under the €3 billion bridge loan that the Wiesbaden, Germany-based provider of industrial and warehouse equipment and other material handling equipment obtained for the acquisition of Dematic.

The SNP volume is spread across fixed and variable tranches in terms of three to seven years. The current average yield across all tranches amounts to 1.41% per year. Due to a high level of investor interest and the favorable financing conditions, the original target volume was increased by €10 million to €40 million. The issue was arranged by IKB Deutsche Industriebank AG.

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