Regency Center to redeem $300 million 5.875% notes with stock proceeds

By Marisa Wong

Morgantown, W.Va., July 11 – Regency Centers Corp. said it plans to redeem its outstanding $300 million 5.875% senior notes due June 15, 2017 using proceeds from an offering of common stock.

The company said it also intends to use a portion of the stock proceeds to settle in full forward starting swaps with notional amounts of $220 million. These swaps were originally intended for a planned new debt issuance in 2017 to refinance the 5.875% notes now targeted for redemption.

The make-whole premium for the 5.875% notes and the swaps settlement are expected to total about $58 million, according to a press release.

Regency is an owner and operator of retail shopping centers and is based in Jacksonville, Fla.

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