Published on 3/4/2020 in the Prospect News Investment Grade Daily.
New Issue: Healthcare Realty Trust sells $300 million 2.4% 10-year notes at 145 bps spread
By Cristal Cody
Tupelo, Miss., March 4 – Healthcare Realty Trust Inc. sold $300 million of 2.4% 10-year senior notes (Baa2/BBB/BBB+) on Wednesday at 99.665 to yield 2.438%, or a spread of 145 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 175 bps area.
U.S. Bancorp Investments Inc., Jefferies LLC and Barclays were the bookrunners.
Proceeds will be used to repay debt under the company’s unsecured credit facility and may also be used for other general corporate purposes.
Healthcare Realty is a Nashville-based real estate investment trust that owns, leases, manages and develops properties associated with outpatient health care services.
| Issuer: | Healthcare Realty Trust Inc.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2030
|
| Bookrunners: | U.S. Bancorp Investments Inc., Jefferies LLC and Barclays
|
| Senior co-managers: | BMO Capital Markets Corp., Fifth Third Securities, Inc., Wells Fargo Securities, LLC, BofA Securities, Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Scotia Capital (USA) Inc.
|
| Co-managers: | FHN Financial Securities Corp., SunTrust Robinson Humphrey, Inc. and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 2.4%
|
| Price: | 99.665
|
| Yield: | 2.438%
|
| Spread: | Treasuries plus 145 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before Dec. 15, 2029; thereafter at par
|
| Trade date: | March 4
|
| Settlement date: | March 18
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 175 bps area
|
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