By Aleesia Forni
Virginia Beach, Va., Sept. 9 - Corporate Office Properties LP sold $250 million of 5.25% senior notes due 2024 on Monday with a spread of Treasuries plus 250 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Pricing was at 98.783 to yield 5.405%.
Wells Fargo Securities LLC, Barclays and Citigroup Global Markets Inc. are the bookrunners.
The bonds are guaranteed by Corporate Office Properties Trust.
Proceeds are being used to repay borrowings under an unsecured revolving credit facility and for general corporate purposes.
Corporate Office Properties was last in the market with an upsized $350 million of 3.6% 10-year senior notes sold on May 1 with a spread of Treasuries plus 200 bps.
The real estate investment trust for suburban office properties is based in Columbia, Md.
| Issuer: | Corporate Office Properties LP
|
| Guarantor: | Corporate Office Properties Trust
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 15, 2024
|
| Bookrunners: | Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc.
|
| Senior co-managers: | Capital One Securities Inc., PNC Capital Markets LLC, Regions Securities LLC
|
| Co-managers: | BBVA Securities Inc., RBS Securities Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 5.25%
|
| Price: | 98.783
|
| Yield: | 5.405%
|
| Spread: | Treasuries plus 250 bps
|
| Call features: | Make-whole call at Treasuries plus 40 bps before Nov. 15, 2023, then callable at par
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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