Published on 9/24/2013 in the Prospect News Investment Grade Daily.
New Issue: Liberty Property sells $450 million notes due 2024 at 178 bps spread
By Aleesia Forni
Virginia Beach, Sept. 24 - Liberty Property LP hit the primary market on Tuesday selling $450 million of 4.4% senior notes (Baa1/BBB/BBB+) due 2024 with a spread of Treasuries plus 178 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.699 to yield 4.437%.
BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint bookrunners.
The company intends to use the proceeds to acquire all outstanding general partnership interests and limited partnership interests of the Cabot Industrial Value Fund III Operating Partnership LP.
The real estate investment trust for industrial and office properties is based in Malvern, Pa.
| Issuer: | Liberty Property LP
|
| Amount: | $450 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 15, 2024
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Co-managers: | Barclays, BB&T Capital Markets, Capital One Securities, Inc., Mitsubishi UFJ Securities (USA), Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey, Inc., the Huntington Investment Co., UBS Securities LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC
|
| Coupon: | 4.4%
|
| Price: | 99.699
|
| Yield: | 4.437%
|
| Spread: | Treasuries plus 178 bps
|
| Trade date: | Sept. 24
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Make-whole call: | Treasuries plus 30 bps, redeemable at par on or after Nov. 15, 2023
|
| Distribution: | SEC registered
|
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