Nektar places $250 million 7.75% notes; STAG, AllianzGI, WashingtonFirst announce issues

By Lisa Kerner

Charlotte, N.C., Oct. 6 – Nektar Therapeutics closed a private placement of $250 million of 7.75% senior secured notes due 2020 with investment vehicles managed by affiliates of TPG Special Situations Partners.

A portion of the proceeds were used to redeem all of Nektar’s currently outstanding $125 million of 12% senior secured notes due 2017.

STAG Industrial, Inc. agreed in principle to price a private placement of $100 million seven-year 3.98% senior notes due Jan. 5, 2023.

The notes will be issued on or around Dec. 15, according to a news release.

AllianzGI Diversified Income & Convertible Fund issued $50 million of senior secured notes due Nov. 22, 2029.

The notes, along with the issue of $30 million of mandatory redeemable preferred shares due Sept. 30, 2025, replaced a portion of the company’s short-term borrowings, according to a news release.

WashingtonFirst Bankshares, Inc. completed a $25 million private placement of 10-year subordinated notes to institutional investors.

The interest rates is fixed at 6% for the first five years and will float thereafter.

Proceeds were used to repay the company’s remaining $8.9 million of preferred stock issued in connection with its participation in the Small Business Lending Fund and as equity capital by subsidiary WashingtonFirst Bank to redeem $2.5 million of its outstanding 8% subordinated notes due 2021.

Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, LP were the placement agents.

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