By Devika Patel
Knoxville, Tenn., May 12 – Easterly Government Properties, Inc. subsidiary Easterly Government Properties LP will offer $250 million of fixed-rate senior notes in two tranches, according to an 8-K filed with the Securities and Exchange Commission. The deal priced on May 11.
The notes include $50 million of 2.62% series A notes due Oct. 14, 2028, priced with a spread of 140 basis points over Treasuries, and $200 million of 2.89% series B notes due Oct. 14, 2030, priced with a spread of ICUR9 plus 145 bps.
The issuer may increase the series B tranche up to $200 million.
The weighted average maturity of the notes is 8.5 years, and the weighted average interest rate is 2.82%.
Easterly is a Washington, D.C.-based real estate investment trust focused on class A commercial properties leased to U.S. government agencies.
| Issuer: | Easterly Government Properties LP
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| Issue: | Senior notes
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| Amount: | $200 million, may be increased to $250 million
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| Pricing date: | May 11
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| Settlement date: | Oct. 14
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| Distribution: | Private placement
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| Series A notes
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| Amount: | $50 million
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| Maturity: | Oct. 14, 2028
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| Coupon: | 2.62%
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| Spread: | Treasuries plus 140 bps
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|
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| Series B notes
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| Amount: | $150 million, may be increased to $200 million
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| Maturity: | Oct. 14, 2030
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| Coupon: | 2.89%
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| Spread: | ICUR9 plus 145 bps
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