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Four Corners prices $125 million; Tarkett wraps €300 million; Garfunkelux returns for more
By Devika Patel
Knoxville, Tenn., April 20 – Three private placement issues were announced on Thursday.
Mill Valley, Calif.-based Four Corners Property Trust, Inc. priced $125 million of senior notes on April 19; Paris’ Tarkett sold a €300 million Schuldschein with fixed and variable rates; and Austria debt collector Lowell Group parent company Garfunkelux Holdco 3 SA priced a €175 million add-on of senior secured floating-rate notes due 2021.
Four Corners
Four Corners’ issue priced in two tranches.
The $50 million first-tranche 4.68% note is due in seven years and priced with a spread of 235 basis points above Treasuries.
The $75 million second-tranche 4.93% note is due in 10 years and priced with a spread of 240 bps over Treasuries.
Both notes have a make-whole call.
These issues have a weighted average maturity of 8.8 years and a weighted average fixed interest rate of 4.83%.
Interest will be payable semiannually on June 7 and Dec. 7.
Proceeds will be used to reduce debt under the company’s unsecured credit facility, for future acquisitions and for general corporate purposes.
Four Corners is a company that acquires and leases restaurant locations.
Tarkett
Tarkett’s €300 million Schuldschein was upsized from €150 million due to demand and includes tranches with maturities of five and seven years.
Proceeds will be used primarily to refinance an existing loan.
Tarkett provides sustainable solutions for flooring and sports surfaces.
Garfunkelux
Garfunkelux priced its add-on notes at 101.25 with a coupon of Euribor plus 550 bps.
The company originally tapped the market in September 2016 for €230 million of notes.
Proceeds will be used to repay debt under the group’s revolving credit facility and to provide additional liquidity for further portfolio acquisitions.
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