Published on 3/29/2016 in the Prospect News High Yield Daily.
New Issue: Greystar Real Estate prices $70 million tap of 8¼% notes due 2022 at 102.25
By Paul A. Harris
Portland, Ore., March 29 – Greystar Real Estate Partners LLC priced a $70 million add-on to its 8¼% senior secured notes due Dec. 1, 2022 (B2/BB-) at 102.25 to yield 7.66% on Tuesday, according to a market source.
The reoffer price came at the rich end of the 102 to 102.25 price talk.
J.P. Morgan Securities LLC and Capital One Securities were the joint bookrunners for the quick-to-market deal.
The Charleston S.C.-based provider of multifamily property management, development and investment services plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Greystar Real Estate Partners LLC
|
| Face amount: | $70 million
|
| Proceeds: | $71,575,000
|
| Maturity: | Dec. 1, 2022
|
| Security description: | Add-on to 8¼% senior secured notes due Dec. 1, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC, Capital One Securities
|
| Coupon: | 8¼%
|
| Price: | 102.25
|
| Yield: | 7.66%
|
| Spread: | 638 bps
|
| Call: | Dec. 1, 2017 at 106.188
|
| Special call: | 10% of the notes are callable annually at 103 until Dec. 1, 2017
|
| Trade date: | March 29
|
| Settlement date: | April 1
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 102 to 102.25
|
| Marketing: | Quick to market
|
| Original issue: | $250 million priced at par in November 2014
|
| Fungibility: | Add-on notes will become immediately fungible with original notes
|
| Total issue size: | $320 million
|
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