Published on 8/3/2016 in the Prospect News Investment Grade Daily.
New Issue: Columbia Property Trust sells $350 million 3.65% 10-year notes with 215 bps spread
By Cristal Cody
Eureka Springs, Ark., Aug. 3 – Columbia Property Trust Operating Partnership, LP brought to market $350 million of 3.65% 10-year senior notes at 215 basis points over Treasuries on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB) priced at 99.626 to yield 3.695%.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Jefferies LLC and U.S. Bancorp Investments, Inc. were the bookrunners.
The notes are guaranteed by parent company Columbia Property Trust, Inc.
Proceeds will be used to redeem the company’s outstanding 2018 notes, with any remaining proceeds for general corporate purposes.
Columbia Property Trust is an Atlanta-based equity real estate investment trust.
| Issuer: | Columbia Property Trust Operating Partnership, LP
|
| Guarantor: | Columbia Property Trust, Inc.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | Aug. 15, 2026
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Jefferies LLC, U.S. Bancorp Investments, Inc.
|
| Co-managers: | Goldman Sachs & Co., MUFG; Regions Securities LLC; BBVA Securities Inc., BMO Capital Markets Corp., Capital One Securities, Inc., Comerica Securities, Inc., Fifth Third Securities, Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC
|
| Coupon: | 3.65%
|
| Price: | 99.626
|
| Yield: | 3.695%
|
| Spread: | Treasuries plus 215 bps
|
| Call feature: | Make-whole call before May 15, 2026 at Treasuries plus 35 bps; on or after May 15, 2026 at par
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 12
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
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