Spirit gets tenders for 98.03% of notes by early exchange deadline

By Jennifer Chiou

New York, April 29 - Spirit Realty Capital, Inc. announced the early results in its offer to exchange four series of notes for the newly issued notes of its affiliates, Spirit Master Funding, LLC, Spirit Master Funding II, LLC and Spirit Master Funding III, LLC.

The early tender deadline passed at 5 p.m. ET on April 28, and it was previously extended from 5 p.m. ET on April 23.

As of April 28, holders had tendered $894,468,139, or 98.03%, of the notes as follows:

• $81,309,139, or 86.26%, of the $94,264,000 of series 2005-1 class A-1 5.05% notes due July 2023 in exchange for a new series of 2014-1 class A-1 5.05% notes due July 2040;

• $253.3 million, or 98.06%, of the $258.3 million of series 2005-1 class A-2 5.37% notes due July 2023 for a new series of 2014-1 class A-2 5.37% notes due July 2040;

• All $246,915,000 of the series 2006-1 class A 5.76% notes due March 2024 for a new series of 2014-2 class A 5.76% notes due March 2041; and

• All $312,944,000 of series 2007-1 class A 5.74% notes due March 2025 for a new series of 2014-3 class A 5.74% notes due March 2042.

The exchange offer will end at 11:59 p.m. ET on May 14. The offer began on April 9.

Tendered notes could no longer be withdrawn as of the original early tender date.

As previously reported, the new notes to be issued in the exchange offer will have the same rate and monthly payment date as the existing notes being exchanged.

The total exchange payment will be $1 principal amount of new notes for each $1 principal amount of notes tendered by the early tender date.

Those who tender after the early deadline will receive 97% of the total exchange value.

The exchange offer is conditioned on at least 98% of the aggregate outstanding principal amount of the existing notes being tendered, the company previously said.

The company also will pay accrued interest up to but excluding the settlement date.

Spirit is a self-administered and self-managed real estate investment trust based in Scottsdale, Ariz.

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