Published on 9/13/2016 in the Prospect News Investment Grade Daily.
New Issue: Liberty Property prices $400 million 3.25% 10-year notes with 162.5 bps spread
By Cristal Cody
Eureka Springs, Ark., Sept. 13 – Liberty Property LP priced $400 million of 3.25% 10-year senior notes with a spread of 162.5 basis points over Treasuries on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB/BBB) priced at 99.162 to yield 3.349%.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used for the early redemption of the company’s $300 million of 5.5% senior notes due Dec. 15, 2016, for working capital and for general corporate purposes, including repaying debt under the company’s $800 million credit facility.
The real estate investment trust for industrial and office properties is based in Malvern Pa.
| Issuer: | Liberty Property LP
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | Oct. 1, 2026
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities, LLC
|
| Co-managers: | PNC Capital Markets LLC, Stifel, Nicolaus & Co., Inc., U.S. Bancorp Investments, Inc., BB&T Capital Markets, Capital One Securities, Inc., Huntington Investment Co., MUFG, Regions Securities LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC
|
| Coupon: | 3.25%
|
| Price: | 99.162
|
| Yield: | 3.349%
|
| Spread: | Treasuries plus 162.5 bps
|
| Call features: | Make-whole call before July 1, 2026 at Treasuries plus 25 bps; thereafter at par
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 20
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
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