By Paul A. Harris
St. Louis, Jan. 14 - Reckson Operating Partnership sold $150 million of seven-year notes (Ba1/BBB-) Wednesday at 99.735 with a 5.15% coupon to yield 5.196%, a market source said.
The notes, which mature Jan. 15, 2011, feature a make-whole call at 25 basis points over Treasuries.
Citigroup and JP Morgan were the bookrunners.
The Melville, N.Y.-based company plans to use proceeds from the sale for general corporate purposes.
| Issuer: | Reckson Operating Partnership
|
| Amount: | $150 million
|
| Maturity: | Jan. 15, 2011
|
| Security description: | SEC-registered notes
|
| Bookrunners: | Citigroup, JP Morgan
|
| Coupon: | 5.15%
|
| Price: | 99.735
|
| Yield: | 5.196%
|
| Spread: | 168 basis points
|
| Calls: | Make-whole call at T+25 basis points
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
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