By Devika Patel
Knoxville, Tenn., Jan. 31 – Safehold Operating Partnership LP has signed an agreement for a private placement of $475 million of 3.98% series 2022A senior notes due Jan. 15, 2052 at a spread of Treasuries plus 180 basis points on Jan. 27, according to an 8-K filed with the Securities and Exchange Commission and a press release.
The notes will be guaranteed by Safehold Inc. and will be issued in up to two closings through April 18.
Voya Investment Management LLC is the agent.
Proceeds will be used to repay borrowings under an unsecured revolving credit facility and for general corporate purposes.
Safehold is a real estate investment trust based in New York.
| Issuer: | Safehold Operating Partnership LP
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| Guarantor: | Safehold Inc.
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| Amount: | $475 million
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| Issue: | Series 2022A senior notes
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| Maturity: | Feb. 15, 2052
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| Agent: | Voya Investment Management LLC
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| Coupon: | 3.98%
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| Spread: | Treasuries plus 180 bps
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| Call features: | The notes can be redeemed early at par plus a make-whole amount if at least 5% of the principal amount is redeemed
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| Trade date: | Jan. 27
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| Settlement dates: | In up to two closings through April 18
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| Distribution: | Private placement
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