By Cristal Cody
Tupelo, Miss., Oct. 8 – Federal Realty Investment Trust sold $400 million of 1.25% green notes due Feb. 15, 2026 (A3/A-) on Thursday at a spread of Treasuries plus 105 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The issue priced at 99.339 to yield 1.379%.
The deal was upsized from $300 million and priced tighter than guidance at the 115 bps spread area, plus or minus 5 bps.
Bookrunners were BofA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC and U.S. Bancorp Investments Inc.
Proceeds will be used to finance or refinance eligible green projects. The company may repay debt previously incurred for eligible green projects, including the company’s 2.55% notes due 2021 and 3% notes due 2022, for the repayment, in whole or in part, of the company’s unsecured term loan, or for general corporate purposes.
The real estate investment trust for retail and mixed-use buildings is based in Rockville, Md.
| Issuer: | Federal Realty Investment Trust
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| Amount: | $400 million
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| Maturity: | Feb. 15, 2026
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| Description: | Green notes
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| Bookrunners: | BofA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC and U.S. Bancorp Investments Inc.
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| Co-managers: | Regions Securities LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Truist Securities Inc.
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| Coupon: | 1.25%
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| Price: | 99.339
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| Yield: | 1.379%
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| Spread: | Treasuries plus 105 bps
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| Call features: | Make-whole call before Jan. 15, 2026 at Treasuries plus 20 bps; thereafter at par
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| Trade date: | Oct. 8
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| Settlement date: | Oct. 13
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| Ratings: | Moody’s: A3
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| S&P: A-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 115 bps area, plus or minus 5 bps; initial talk at Treasuries plus 140 bps area
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