Published on 4/10/2023 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Federal Realty prices $350 million 5.375% notes due 2028 at 195 bps over Treasuries
By William Gullotti
Buffalo, N.Y., April 10 – Federal Realty OP LP priced $350 million of 5.375% notes due 2028 (Baa1/BBB+) at 99.59 on Monday, according to an FWP filing and additional information from a 424B5 filing with the Securities and Exchange Commission.
The notes were priced at a spread of 195 basis points over Treasuries to yield 5.468%.
The notes feature a make-whole call, exercisable in whole or in part, at Treasuries plus 30 bps until April 1, 2028, followed by a par call.
J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, BofA Securities, Inc., Regions Securities LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC are the joint bookrunning managers.
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.
| Issuer: | Federal Realty OP LP
|
| Amount: | $350 million
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| Issue: | Notes
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| Maturity: | May 1, 2028
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| Bookrunners: | J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, BofA Securities, Inc., Regions Securities LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and Samuel A. Ramirez & Co., Inc.
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| Trustee: | U.S. Bank NA
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| Counsel to issuer: | Pillsbury Winthrop Shaw Pittman LLP
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| Counsel to underwriters: | Sidley Austin LLP
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| Coupon: | 5.375%
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| Price: | 99.59
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| Yield: | 5.468%
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| Spread: | Treasuries plus 195 bps
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| Call features: | Make-whole at Treasuries plus 30 bps until April 1, 2028; par call thereafter
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| Pricing date: | April 10
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| Settlement date: | April 12
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
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| Cusip: | 313747BC0
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