By Lisa Kerner
Charlotte, N.C., Dec. 20 - Home Properties, Inc. provided additional details on its private placement of $150 million of senior guaranteed notes in a form 8-K filing with the Securities and Exchange Commission on Tuesday.
On Monday, the company's operating partnership Home Properties, LP issued $90 million of series A notes due Dec. 19, 2018 at 4.46% and $60 million of series B notes due Dec. 19, 2021 at 5.%.
Proceeds will be used to pay off an $83 million mortgage on the company's Mount Vernon Square Apartments, to repay other existing debt and for general corporate purposes.
Purchasers include Prudential Insurance Co. of America, New York Life Insurance Co., New York Life Insurance and Annuity Corp., Guardian Life Insurance Co. of America, United Services Automobile Association, USAA Life Insurance Co., Knights of Columbus, Primerica Life Insurance Co. and Senior Health Insurance Co. of Pennsylvania.
The notes have a make-whole call option at Treasuries plus 50 basis points.
Bank of America Merrill Lynch was the bookrunner and lead placement agent.
Home Properties is a Rochester-based apartment real estate investment trust.
| Issuer: | Home Properties, LP
|
| Issue: | Senior guaranteed notes
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| Amount: | $150 million
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| Call option: | Make-whole at Treasuries plus 50 bps
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| Settlement: | Dec. 19
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| Distribution: | Private placement
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| Purchasers: | Prudential Insurance Co. of America, New York Life Insurance Co., New York Life Insurance and Annuity Corp., Guardian Life Insurance Co. of America, United Services Automobile Association, USAA Life Insurance Co., Knights of Columbus, Primerica Life Insurance Co. and Senior Health Insurance Co. of Pennsylvania
|
|
|
| Series A
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| Amount: | $90 million
|
| Coupon: | 4.46%
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| Maturity: | Dec. 19, 2018
|
|
|
| Series B
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| Amount: | $60 million
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| Coupon: | 5%
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| Maturity: | Dec. 19, 2021
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