Published on 3/23/2020 in the Prospect News Investment Grade Daily.
New Issue: Alexandria Real Estate sells $700 million 4.9% notes due 2030 at 415 bps spread
By Cristal Cody
Tupelo, Miss., March 23 – Alexandria Real Estate Equities, Inc. priced $700 million of 4.9% guaranteed senior notes due Dec. 15, 2030 (Baa1/BBB+) on Monday at a spread of 415 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were initially talked to price at the Treasuries plus 425 bps area.
The issue priced at 99.933 to yield 4.909%.
Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC were the bookrunners.
The notes are guaranteed by Alexandria Real Estate Equities, LP.
Proceeds will be used for general corporate purposes, including reducing debt under the company’s unsecured senior line of credit and commercial paper program.
Pasadena, Calif.-based Alexandria Real Estate Equities is a real estate investment trust focused on life science and technology campuses.
| Issuer: | Alexandria Real Estate Equities, Inc.
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| Guarantor: | Alexandria Real Estate Equities, LP
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| Amount: | $700 million
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| Maturity: | Dec. 15, 2030
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| Description: | Senior notes
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| Bookrunners: | Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
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| Co-managers: | Barclays, BBVA Securities Inc., Capital One Securities, Inc., Evercore Group LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and Fifth Third Securities, Inc.
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| Coupon: | 4.9%
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| Price: | 99.933
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| Yield: | 4.909%
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| Spread: | Treasuries plus 415 bps
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| Call features: | Make-whole call at Treasuries plus 50 bps before Sept. 15, 2030; thereafter at par
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| Trade date: | March 23
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| Settlement date: | March 26
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 425 bps area
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