By Andrea Heisinger
New York, Sept. 15 - BRE Properties, Inc. sold an upsized $300 million of 5.2% senior unsecured notes due March 15, 2021 on Wednesday to yield 250 basis points over Treasuries, a source away from the trade said.
The deal size was announced at $250 million.
The notes (Baa2/BBB/) were sold at 99.809 to yield 5.224%. They have a make-whole call at Treasuries plus 37.5 bps.
Bookrunners were Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Mitsubishi UFJ Securities, RBS Securities Inc. and UBS Investment Bank.
PNC Capital Markets and U.S. Bancorp Investments were the co-managers.
Proceeds are being used to repay borrowings under a $750 million unsecured credit facility incurred to fund recent acquisition activity and for working capital.
The multi-family apartment communities real estate investment trust is based in San Francisco.
| Issuer: | BRE Properties, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | March 15, 2021
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Mitsubishi UFJ Securities, RBS Securities Inc., UBS Investment Bank
|
| Co-managers: | PNC Capital Markets, U.S. Bancorp Investments
|
| Coupon: | 5.2%
|
| Price: | 99.809
|
| Yield: | 5.224%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Make-whole at Treasuries plus 37.5 bps
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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