Gramercy places $150 million; Wellesley Bancorp issues $10 million of subordinated notes

By Lisa Kerner

Charlotte, N.C., Dec. 17 – Gramercy Property Trust Inc. privately placed $150 million of 4.97% senior notes due December 2024, according to a company news release.

A $100 million portion of the placement was funded when the company completed its merger with Chambers Street Properties. The remaining $50 million is expected to fund in January.

Gramercy is a New York-based real estate investment trust.

Wellesley Bancorp, Inc. agreed to sell $10 million of 6% fixed-to-floating-rate subordinated notes due Dec. 30, 2025, according to an 8-K filing with the Securities and Exchange Commission.

The notes bear interest at a fixed rate of 6% from and including Dec. 17, 2015 to but excluding Dec. 30, 2020, payable semiannually.

From and including Dec. 30, 2020 to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to Libor plus 435.5 basis points.

Sandler O’Neill + Partners, LP is the agent.

Wellesley Bancorp is the parent company of Wellesley Bank, a Wellesley, Mass.-based community bank.

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 will used to repay amounts outstanding under the company’s unsecured credit facility and for general corporate purposes, including funding future acquisitions.

STAG Industrial is a Boston-based real estate company.

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