By Andrea Heisinger
New York, March 28 - Wells Operating Partnership II LP sold $250 million of 5.875% guaranteed seven-year notes on Monday at a spread of 313 basis points over Treasuries, a market source said.
The notes (Baa3/BBB-/) sold at 99.295 to yield 6%. They have a make-whole call at Treasuries plus 50 bps.
The deal was priced under Rule 144A.
Bookrunners were J.P. Morgan Securities LLC and Morgan Stanley & Co, Inc.
The proceeds are being used to repay a portion of outstanding debt.
The notes are guaranteed by Wells Real Estate Investment Trust II Inc.
The units of Wells Real Estate Funds are based in Norcross, Ga.
| Issuer: | Wells Operating Partnership II LP
|
| Guarantor: | Wells Real Estate Investment Trust II Inc.
|
| Issue: | Notes
|
| Amount: | $250 million
|
| Maturity: | April 1, 2018
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co, Inc.
|
| Coupon: | 5.875%
|
| Price: | 99.295
|
| Yield: | 6%
|
| Spread: | Treasuries plus 313 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Distribution: | Rule 144A
|
| Trade date: | March 28
|
| Settlement date: | April 4
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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