Ramco-Gershenson sells $75 million five-year, 10-year, 12-year notes

By Devika Patel

Knoxville, Tenn., Dec. 27 – Ramco-Gershenson Properties Trust placed $75 million of senior unsecured notes in three tranches on Dec. 21, according to an 8-K filed with the Securities and Exchange Commission.

The company sold five-year bonds, 10-year bonds and 12-year bonds. The bonds have a weighted average interest rate of 4.46%.

Proceeds will be used to pay off two existing mortgages and for general corporate purposes.

The company also amended and repriced its $75 million term loan due 2021. The transaction reduced the loan’s interest rate by 35 basis points for the remainder of the term and was led by Capital One, NA.

Farmington Hills, Mich.-based Ramco-Gershenson is a real estate investment trust that owns and manages large, multi-anchor shopping centers.

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