Published on 1/9/2024 in the Prospect News Investment Grade Daily.
New Issue: Brixmor prices $400 million of 5.5% notes due 2034 at 150 bps spread
By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – Brixmor Operating Partnership LP sold $400 million of 5.5% senior notes (Baa3/BBB/BBB) due 2034 with a spread of 150 basis points over Treasuries on Tuesday according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.816 to yield 5.523%.
Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including repayment of outstanding debt.
New York-based Brixmor is the operating partnership through which Brixmor Property Group Inc. owns and operates retail shopping centers.
| Issuer: | Brixmor Operating Partnership LP
|
| Amount: | $400 million
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| Issue: | Senior notes
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| Maturity: | Feb. 15, 2034
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| Bookrunners: | Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc. and U.S. Bancorp Investments, Inc.
|
| Senior co-managers: | Regions Securities LLC and TD Securities (USA) LLC
|
| Co-manager: | Samuel A. Ramirez & Co. Inc.
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Hogan Lovells US LLP
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| Counsel to underwriters: | Skadden, Arps, Slate, Meagher & Flom LLP
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| Coupon: | 5.5%
|
| Price: | 99.816
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| Yield: | 5.523%
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| Spread: | Treasuries plus 150 bps
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| Call: | Make-whole call at Treasuries plus 25 bps until Nov. 15, 2033, then a par call
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| Trade date: | Jan. 9
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| Settlement date: | Jan. 12
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| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 11150VAM5
|
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