New Issue: Kite Realty prices $300 million 4% 10-year notes to yield 235 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., Sept. 15 – Kite Realty Group, LP sold $300 million of 4% 10-year senior notes at 99.599 to yield 4.049% on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa3/BBB-) priced with a spread of 235 basis points over Treasuries.

U.S. Bancorp Investments Inc., BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to pay off the company’s $200 million term loan A, which matures on July 1, 2019, and for general corporate purposes.

Kite Realty is an Indianapolis-based real estate investment trust focused on neighborhood and community shopping centers.

Issuer:	Kite Realty Group, LP
Amount:	$300 million
Description:	Senior notes
Maturity:	Oct. 1, 2026
Bookrunners:	U.S. Bancorp Investments Inc., BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
Co-managers:	Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc., Capital One Securities, Inc., Fifth Third Securities, Inc., the Huntington Investment Co., Raymond James & Associates, Inc., Samuel A. Ramirez & Co.
Coupon:	4%
Price:	99.599
Yield:	4.049%
Spread:	Treasuries plus 235 bps
Trade date:	Sept. 15
Settlement date:	Sept. 26
Ratings:	Moody’s: Baa3
	S&P: BBB-
Distribution:	SEC registered

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