Brixmor begins tender offer for six series of notes due 2026 and 2028

By Susanna Moon

Chicago, Dec. 11 - Brixmor LLC, an indirect subsidiary of Brixmor Property Group Inc., said it began a cash repurchase offer for several series of notes.

The offers will end at midnight ET on Jan. 14.

The purchase price will be par plus accrued interest to but excluding the settlement date for the following notes covered by the offer:

• $10 million of 7.97% senior notes due Aug. 14, 2026;

• $25 million of 7.65% senior notes due Nov. 2, 2026;

• $10 million of 7.68% senior notes due Nov. 2, 2026;

• $9,602,000 of 7.68% senior notes due Nov. 2, 2026;

• $25 million of 6.9% senior notes due Feb. 15, 2028; and

• $25 million of 6.9% senior notes due Feb. 15, 2028.

The notes are putable on Jan. 15.

Funding for the offer will come from cash on hand and borrowings under existing credit facilities.

In addition, the note covenant restricting the company or any of its subsidiaries from selling or transferring any real property or the right to receive income or profits from the real property to any affiliate of the company that is not a subsidiary will expire on the payment date, according to a company press release.

Tendered notes may be withdrawn by the end of the offer.

Global Bondholder Services Corp. (banks and brokers, 212 430-3774; all others 866 470-3900) is the information agent.

Brixmor is a internally managed real estate investment trust based in New York that owns and operates the wholly owned portfolio of grocery-anchored community and neighborhood shopping centers.

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