By Paul A. Harris
Portland, Ore., Nov. 10 – Greystar Real Estate Partners, LLC priced an upsized $500 million issue of eight-year senior secured notes (B2/BB-) at par to yield 5¾% on Thursday, according to a market source.
The issue size was increased from $400 million.
The yield printed on top of yield talk in the 5¾% area. Initial guidance was in the high 5% to 6% area.
J.P. Morgan Securities LLC and Capital One were the joint bookrunners.
The Plano, Texas-based owner, operator and developer of luxury apartment communities plans to use the proceeds to refinance its senior secured notes maturing in 2022.
| Issuer: | Greystar Real Estate Partners, LLC
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Dec. 1, 2025
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Capital One
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 349 bps
|
| Call protection: | Three years
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
|
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