New Issue: Safehold prices $400 million 2.8% 10-year senior notes at 125 bps over Treasuries

By Marisa Wong

Los Angeles, April 28 – Safehold Operating Partnership LP priced $400 million of 2.8% senior notes due 2031 (Baa1//BBB+) guaranteed by Safehold Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.127 to yield 2.9%, or a spread of 125 basis points over Treasuries.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Truist Securities, Inc. are the joint bookrunners.

Safehold is a real estate investment trust based in New York.

Issuer:	Safehold Operating Partnership LP
Guarantor:	Safehold Inc.
Issue:	Senior notes
Amount:	$400 million
Maturity:	June 15, 2031
Bookrunners:	Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Truist Securities, Inc.
Co-managers:	Capital One Securities, Inc., Raymond James & Associates, Inc., SMBC Nikko Securities America, Inc. and Berenberg Capital Markets LLC
Coupon:	2.8%
Price:	99.127
Yield:	2.9%
Spread:	125 bps over Treasuries
Call features:	Make-whole call at Treasuries plus 20 bps prior to March 15, 2031; par call after that
Pricing date:	April 28
Settlement date:	May 7
Ratings:	Moody’s: Baa1
	Fitch: BBB+

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