Empire State eyes $450 million; Vesuvius, Allegiance, Wereldhave also issue notes

By Devika Patel

Knoxville, Tenn., Dec. 14 – Thursday saw four private placements reported, including $450 million of notes via Empire State Realty OP, LP, a subsidiary of New York-based real estate investment trust Empire State Realty Trust, Inc.

Empire State Realty is selling $115 million of 4.08% series D senior notes due 2028, $160 million of 4.26% series E senior notes due 2030 and $175 million of 4.44% series F senior notes due 2033.

The series D notes will close on Dec. 22, and the series E and series F notes will settle on March 22, 2018.

Proceeds will be used to repay some mortgage debt due 2018 and for other general corporate purposes.

Meanwhile, other issuance came from London-based engineered ceramics company Vesuvius plc, which sold €100 million of notes in two tranches.

Houston-based Allegiance Bank, which settled a $40 million private placement of 10-year fixed-to-floating rate subordinated notes.

The debt accrues interest at 5.25% until (but excluding) Dec. 15, 2022 and then at a rate equal to Libor plus 303 basis points.

Proceeds will be used to support growth and for general corporate purposes.

And the Hague, Netherlands-based real estate company Wereldhave NV, which sold about €76 million of 2.09% 10-year notes.

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