Spirit Realty sets price talk in offering of notes due 2028, 2032

By Devika Patel and Cristal Cody

Knoxville, Tenn., Feb. 22 – Spirit Realty, LP is expected to price fixed-rate notes in two tranches due 2028 and 2032, according to a 424B5 filing with the Securities and Exchange Commission and a market source.

Initial price talk for the 2028 notes is in the Treasuries plus 150 basis points area; initial price talk for the 2032 notes is in the Treasuries plus 170 bps area.

The notes have a make-whole call and are then redeemable at par.

BofA Securities, Inc., RBC Capital Markets Corp. and Wells Fargo Securities LLC are the bookrunners. The co-managers are Capital One Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and Truist Securities Inc.

The notes will be guaranteed by Spirit Realty Capital, Inc.

Proceeds will be used to repay or repurchase debt, to repay borrowings under the operating partnership’s revolving credit facility and for general corporate purposes, including repaying or repurchasing other debt, working capital, acquisitions and capital expenditures.

Spirit Realty is a Dallas-based net-lease real estate investment trust.

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