Store Capital sells $335 million; Gas Natural sells $50 million notes

By Devika Patel

Knoxville, Tenn., Oct. 19 – Wednesday saw two private placement offerings announced: Store Capital Corp. closed a private placement of $335 million of 10-year investment-grade series 2016-1 master funding net lease mortgage notes and Gas Natural Inc. completed a $50 million private placement of 4.23% senior unsecured notes due October 2028.

Store Capital, a real estate investment trust based in Scottsdale, Ariz., sold $200 million of 10-year class A-1 notes at 3.96% and $135 million of 10.5-year class A-2 notes, which were retained by Store for future sale to qualified institutional buyers. The notes were rated A+ by S&P Global Ratings, according to a news release.

Proceeds from Gas Natural’s placement along with the proceeds from a $42 million five-year unsecured revolving credit facility arranged with Bank of America, NA will be used to retire the Mentor, Ohio, natural gas distributor’s debt with Allstate/CUNA, Sun Life and NIL Funding, as well as support Gas Natural’s growth strategy.

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