Vereit to redeem 4.125% notes due 2021, some 3.7% convertibles, 6.7% preferreds via new notes

By Wendy Van Sickle

Columbus, Ohio, Nov. 19 – Vereit Operating Partnership LP plans to redeem its $400 million of 4.125% senior notes due 2021, and Vereit Inc. plans to purchase prior to maturity a portion of its 3.7% convertible senior notes due 2020 and redeem up to $200 million of its 6.7% series F cumulative redeemable preferred stock, according to a news release.

The transactions will be funded using proceeds of $600 million of new 3.1% 10-year notes that priced on Tuesday as well as cash on hand and/or borrowings under the company’s revolving credit facility.

Vereit is a Phoenix-based owner and manager of a portfolio of retail, restaurant, office and industrial real estate assets.

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