By Devika Patel
Knoxville, Tenn., Sept. 20 – Centerspace settled a $125 million private placement of senior notes in four parts with a weighted average interest rate of 2.63% and a weighted average maturity of 10.46 years, according to a press release.
Prudential Private Capital was the agent and Prudential Private Capital, Allianz Global Investors, Nationwide and Nassau Life Insurance Co. were the investors.
The $35 million tranche note is due in 2030.
The $50 million tranche note is due in 2031.
The $25 million tranche note is due in 2032.
The $15 million tranche note is due in 2034.
Proceeds will be used to repay debt.
Centerspace, legally known as Investors Real Estate Trust, is a Minneapolis-based owner and operator of apartment communities.
| Issuer: | Centerspace
|
| Issue: | Senior unsecured notes
|
| Amount: | $125 million
|
| Maturity: | 10.46 years (weighted average)
|
| Coupon: | 2.63% (weighted average)
|
| Agent: | Prudential Private Capital
|
| Investors: | Prudential Private Capital, Allianz Global Investors, Nationwide and Nassau Life Insurance Co.
|
| Announcement date: | Sept. 20
|
| Distribution: | Private placement
|
|
|
| 2030 tranche
|
| Amount: | $35 million
|
| Maturity: | 2030
|
|
|
| 2031 tranche
|
| Amount: | $50 million
|
| Maturity: | 2031
|
|
|
| 2032 tranche
|
| Amount: | $25 million
|
| Maturity: | 2032
|
|
|
| 2034 tranche
|
| Amount: | $15 million
|
| Maturity: | 2034
|
|
|
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