Federal Realty to offer notes to fund green projects

By Mary-Katherine Stinson

Lexington, Ky., April 10 – Federal Realty OP LP is offering fixed-rate notes to fund eligible green projects, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will feature a make-whole call option until some months prior to maturity and then a par call option.

J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC and BofA Securities, Inc. are the bookrunners.

U.S. Bank NA will be the trustee.

Pillsbury Winthrop Shaw Pittman LLP will act as legal counsel for Federal Realty. Sidley Austin LLP will act as counsel to the underwriters.

In addition to the funding of recent and future green projects, proceeds will also be allocated to previously incurred green project costs including the repayment in full of the company’s $275 million outstanding 2.75% notes due 2023 and for general corporate purposes.

The real estate investment trust for retail and mixed-use buildings is based in North Bethesda, Md.

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