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Published on 9/18/2018 in the Prospect News Private Placement Daily.

New Issue: Four Corners Property Trust places $100 million notes in two tranches

By Wendy Van Sickle

Columbus, Ohio, Sept. 18 – Four Corners Property Trust, Inc. priced a $100 million private placement of senior unsecured notes on April 19, according to an 8-K filed Thursday with the Securities and Exchange Commission.

An eight-year $50 million tranche accrues interest at 4.63% per year. The notes priced with a spread of 182 basis points above Treasuries.

The 10-year $50 million tranche accrues interest at 4.76% per year. The notes priced with a spread of 192 bps over Treasuries.

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 Mill Valley, Calif.-based company that acquires and leases restaurant locations.

Issuer:Four Corners Property Trust, Inc.
Issue:Senior unsecured notes
Amount:$100 million
Pricing date:Sept. 18
Settlement date:Sept. 20
Distribution:Private placement
Notes due 2026
Amount:$50 million
Maturity:Dec. 20, 2026
Coupon:4.63%
Spread:Treasuries plus 182 bps
Notes due 2028
Amount:$50 million
Maturity:Dec. 20, 2028
Coupon:4.76%
Spread:Treasuries plus 192 bps

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