By Cristal Cody
Chicago, Nov. 9 – Store Capital Corp. sold an upsized $375 million of 2.7% 10-year notes at a 128 basis points spread over Treasuries at 99.877, according to a market source.
The offer was said to be in the market on Tuesday morning with price talk in the Treasuries plus 150 bps area and a size of $350 million.
The notes due Dec. 1, 2031 feature a make-whole call and then a par call, based on a 424B5 filing with the Securities and Exchange Commission.
Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.
Proceeds will be used to repay debt under the company’s unsecured revolving credit facility and class A-2 notes, to fund property acquisitions, for working capital and for other general corporate purposes.
Store Capital is a real estate investment trust based in Scottsdale, Ariz.
| Issuer: | Store Capital Corp.
|
| Issue: | Notes
|
| Amount: | $375 million
|
| Maturity: | Dec. 1, 2031
|
| Bookrunners: | Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Co-managers: | Capital One Securities, KeyBanc Capital Markets, Morgan Stanley, US Bancorp, BMO Capital Markets, Regions Securities LLC and Truist Securities
|
| Trustee: | Wilmington Trust, NA
|
| Counsel to issuer: | DLA Piper LLP (US)
|
| Counsel to bookrunners: | Latham & Watkins LLP
|
| Coupon: | 2.7%
|
| Price: | 99.877
|
| Yield: | 2.714%
|
| Spread: | Treasuries plus 128 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps, then par call
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 17
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 862121AD2
|
| Price talk: | Treasuries plus 150 bps area
|
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