By Devika Patel
Knoxville, Tenn., Aug. 16 – Lexington Realty Trust priced $400 million of 2.375% senior notes (Baa2/BBB-/BBB) due Oct. 1, 2031 on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 115 basis points. The notes priced at 99.758 to yield 2.402%.
The bookrunners were J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
Proceeds will be used to pay down all borrowings under the company’s revolving credit facility, with any remaining proceeds to be used to redeem its $188.8 million of outstanding 4.25% senior notes due 2023 and for other general corporate purposes, including potential acquisitions.
The single-tenant industrial real estate investment trust is based in New York.
| Issuer: | Lexington Realty Trust
|
| Amount: | $400 million
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| Description: | Senior notes
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| Maturity: | Oct. 1, 2031
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| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Senior co-managers: | Mizuho Securities USA Inc., Stifel, Nicolaus & Co. Inc. and Truist Securities Inc.
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| Co-managers: | FHN Financial Securities Corp. and Samuel A. Ramirez & Co. Inc.
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| Coupon: | 2.375%
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| Price: | 99.758
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| Yield: | 2.402%
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| Spread: | Treasuries plus 115 bps
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| Call feature: | Make-whole call at Treasuries plus 20 bps
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| Trade date: | Aug. 16
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| Settlement date: | Aug. 30
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| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
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| Cusip: | 529537AA0
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