By Lisa Kerner
Charlotte, N.C., Dec. 17 – STAG Industrial, Inc. and its operating partnership, STAG Industrial Operating Partnership, LP, placed $100 million of 3.98% senior notes due Jan. 5, 2023 on Dec. 15.
Plans for the placement were announced Dec. 4.
Proceeds will be used to repay amounts outstanding under the company’s unsecured credit facility and for general corporate purposes, including funding future acquisitions.
As previously reported, interest on the notes will be payable semiannually in arrears.
The notes have a make-whole call at Treasuries plus 50 basis points.
Purchasers include Metropolitan Life Insurance Co., Lincoln Benefit Life Co., Nationwide Life Insurance Co., Axa Equitable Life Insurance Co., Great-West Life & Annuity Insurance Co., the Guardian Life Insurance Co. of America, American Family Life Insurance Co. and American Family Life Insurance Co.
STAG amended its existing $50 million of 4.98% senior notes due 2024, $50 million of 4.98% senior notes due 2026, $80 million 4.42% senior notes 2026, $100 million 4.32% senior notes due 2025 and $20 million 4.42% senior notes due 2027 to make provisions conform to the new notes.
STAG Industrial is a Boston-based real estate company.
| Issuer: | STAG Industrial, Inc.
|
| Issue: | Senior notes
|
| Amount: | $100 million
|
| Maturity: | Jan. 5, 2023
|
| Coupon: | 3.98%
|
| Price: | Par
|
| Yield: | 3.98%
|
| Call option: | Make-whole call at Treasuries plus 50 bps
|
| Distribution: | Private placement
|
| Agent: | BofA Merrill Lynch
|
| Purchasers: | Metropolitan Life Insurance Co., Lincoln Benefit Life Co., Nationwide Life Insurance Co., Axa Equitable Life Insurance Co., Great-West Life & Annuity Insurance Co., the Guardian Life Insurance Co. of America, American Family Life Insurance Co. and American Family Life Insurance Co.
|
| Settlement date: | Dec. 15
|
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