Published on 8/15/2016 in the Prospect News Investment Grade Daily.
New Issue: Brixmor sells $500 million 3.25% seven-year notes with 190 bps spread
By Cristal Cody
Eureka Springs, Ark., Aug. 15 – Brixmor Operating Partnership LP sold $500 million of 3.25% seven-year senior notes at 99.736 to yield 3.292% on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company priced the notes (Baa3/BBB-/BBB-) with a spread of 190 basis points over Treasuries, on the tight side of guidance in the 195 bps area over Treasuries, plus or minus 5 bps.
J.P. Morgan Securities, LLC, Barclays, Jefferies LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp., Mizuho Securities USA Inc., Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used to repay outstanding debt under the company’s $1.25 billion revolving credit facility and for general corporate purposes.
The New York City-based real estate investment trust owns and operates shopping centers.
| Issuer: | Brixmor Operating Partnership LP
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 15, 2023
|
| Bookrunners: | J.P. Morgan Securities, LLC, Barclays, Jefferies LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp., Mizuho Securities USA Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc.
|
| Co-managers: | Regions Securities LLC, SunTrust Robinson Humphrey, Inc., BB&T Capital Markets, BNY Mellon Capital Markets, LLC, TD Securities (USA) LLC
|
| Coupon: | 3.25%
|
| Price: | 99.736
|
| Yield: | 3.292%
|
| Spread: | Treasuries plus 190 bps
|
| Call feature: | Make-whole call at Treasuries plus 30 bps; on or after July 15, 2023 at par
|
| Trade date: | Aug. 15
|
| Settlement date: | Aug. 24
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 195 bps area, plus or minus 5 bps
|
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