Brixmor to pay down $456 million of revolver debt via new note issue

By Tali Rackner

Norfolk, Va., June 2 – Brixmor Operating Partnership LP plans to repay debt outstanding under its $1.25 billion unsecured revolving credit facility with the proceeds from a new senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of March 31, there was about $456 million of borrowings outstanding under the revolver, and the variable interest rate was 1.9%. The maturity date is July 31, 2017, with a one-year extension option.

The company said it intends to use substantially all of the proceeds from the notes offering to repay the revolver debt, and the rest will be used for general corporate purposes.

Brixmor Operating is a subsidiary of New York-based Brixmor Property Group Inc., an internally managed real estate investment trust that owns and operates a wholly owned portfolio of grocery-anchored community and neighborhood shopping centers.

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