Vereit to repay term loan via new notes, revolver borrowings

By Marisa Wong

Los Angeles, Nov. 9 – Vereit Operating Partnership, LP plans to repay amounts outstanding under its $900 million term loan using proceeds from an offering of new senior notes as well as borrowings under its revolving credit facility or cash on hand, according to a 424B5 filing with the Securities and Exchange Commission.

The term loan, which matures on May 23, 2023, bears interest at Libor plus 85 basis points to 175 bps.

As of Sept. 30, the outstanding balance on the term loan stood at $900 million, bearing interest at 3.59% under the terms of interest rate swap agreements. Absent the swap agreements, the interest rate would otherwise have been 125 bps.

The real estate operating company is based in Phoenix.

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