Published on 11/27/2017 in the Prospect News Investment Grade Daily.
New Issue: Healthcare Realty Trust sells $300 million 3.625% notes due 2028 at 140 bps spread
By Cristal Cody
Tupelo, Miss., Nov. 27 – Healthcare Realty Trust Inc. sold $300 million of 3.625% senior notes due Jan. 15, 2028 (Baa2/BBB/BBB) on Monday at 99.153 to yield 3.726%, or a spread of 140 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
U.S. Bancorp Investments, Inc., Wells Fargo Securities LLC and BofA Merrill Lynch were the bookrunners.
Proceeds will be used to redeem the company’s senior notes due 2021. Pending such use, the proceeds will be applied to outstanding debt under the company’s credit facility due 2020 and may 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 in the United States.
| Issuer: | Healthcare Realty Trust Inc.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2028
|
| Bookrunners: | U.S. Bancorp Investments, Inc., Wells Fargo Securities LLC and BofA Merrill Lynch
|
| Senior co-managers: | Barclays, BMO Capital Markets Corp., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC and Scotia Capital (USA) Inc.
|
| Co-managers: | BB&T Capital Markets, Fifth Third Securities, Inc. and FTN Financial Securities Corp.
|
| Coupon: | 3.625%
|
| Price: | 99.153
|
| Yield: | 3.726%
|
| Spread: | Treasuries plus 140 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before Oct. 15, 2027; thereafter at par
|
| Trade date: | Nov. 27
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 145 bps area
|
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