Published on 5/13/2014 in the Prospect News Investment Grade Daily.
New Issue: Lexington Realty Trust prices $250 million 10-year notes at 180 bps over Treasuries
By Aleesia Forni
Virginia Beach, May 13 - Lexington Realty Trust priced $250 million of 10-year senior notes (Baa2/BBB-/BBB) on Tuesday to yield Treasuries plus 180 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.883 to yield 4.414%.
The notes sold at the tight end of talk.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The notes are guaranteed by Lepercq Corporate Income Fund LP.
Proceeds will be used to repay secured borrowings, to pay down amounts outstanding under the company's revolving credit facility and for other general corporate purposes.
The real estate investment trust for office, industrial and retail properties is based in New York City.
| Issuer: | Lexington Realty Trust
|
| Guarantor: | Lepercq Corporate Income Fund LP
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2024
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, KeyBanc Capital Markets Inc., BofA Merrill Lynch
|
| Senior co-managers: | Capital One Securities, Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC
|
| Co-managers: | Fifth Third Securities, Inc., RBS Securities Inc., U.S. Bancorp Investments, Inc., BB&T Capital Markets
|
| Coupon: | 4.4%
|
| Price: | 99.883
|
| Yield: | 4.414%
|
| Spread: | Treasuries plus 180 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to March 15, 2024, then callable at par
|
| Trade date: | May 13
|
| Settlement date: | May 20
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 185 bps area
|
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