By Lisa Kerner
Charlotte, N.C., Feb. 20 – STAG Industrial, Inc. and its operating partnership STAG Industrial Operating Partnership, LP completed a private placement of $120 million of senior notes on Friday.
The notes were issued as:
• $100 million of 4.32% senior notes, series B, due Feb. 20, 2025; and
• $20 million of 4.42% senior notes, series C, due Feb. 20, 2027.
It is the second issuance under the company’s $200 million note purchase agreement announced in December. The company sold $80 million of 4.42% senior notes, series A, due 2026 on Dec. 30.
As previously reported, STAG may, at its option, prepay at any time all, or from time to time any part of, any series of notes, in an amount not less than 5% of the total principal amount of any series of notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and a make-whole amount.
The notes have a make-whole call at Treasuries plus 50 basis points.
Purchasers include: American Republic Insurance Co.; Blue Cross and Blue Shield of Florida, Inc.; Cincinnati Life Insurance Co.; MTL Insurance Co.; UnitedHealthcare Insurance Co.; Western Fraternal Life Assoc.; Allianz Life Insurance Co. of North America; American Family Life Insurance Co.; AXA Equitable Life Insurance Co.; Massachusetts Mutual Life Insurance Co.; C.M. Life Insurance Co.; Banner Life Insurance Co.; MassMutual Asia Ltd.; Fidelity & Guaranty Life Insurance Co.; Genworth Life Insurance Co.; Knights of Columbus; and Prima Mortgage Investment Trust, LLC.
STAG Industrial is a Boston-based real estate company.
| Issuers: | STAG Industrial, Inc., STAG Industrial Operating Partnership, LP
|
| Issue: | Senior notes
|
| Total amount: | $200 million
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Announced: | Dec. 19
|
| Distribution: | Private placement
|
| Purchasers: | American Republic Insurance Co.; Blue Cross and Blue Shield of Florida, Inc.; Cincinnati Life Insurance Co.; MTL Insurance Co.; UnitedHealthcare Insurance Co.; Western Fraternal Life Assoc.; Allianz Life Insurance Co. of North America; American Family Life Insurance Co.; AXA Equitable Life Insurance Co.; Massachusetts Mutual Life Insurance Co.; C.M. Life Insurance Co.; Banner Life Insurance Co.; MassMutual Asia Ltd.; Fidelity & Guaranty Life Insurance Co.; Genworth Life Insurance Co.; Knights of Columbus; Prima Mortgage Investment Trust, LLC
|
|
|
| Series A
|
| Amount: | $80 million
|
| Coupon: | 4.42%
|
| Maturity: | Dec. 30, 2026
|
| Settlement: | Dec. 30
|
|
|
| Series B
|
| Amount: | $100 million
|
| Coupon: | 4.32%
|
| Maturity: | Feb. 20, 2025
|
| Settlement: | Feb. 20
|
|
|
| Series C
|
| Amount: | $20 million
|
| Coupon: | 4.42%
|
| Maturity: | Feb. 20, 2027
|
| Settlement: | Feb. 20
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
