Federal Realty Investment Trust (FRT) announced that its operating partnership, Federal Realty OP LP, has priced and upsized the previously announced offering of $425 million, 3.25% exchangeable senior notes due 2029 in a private placement.
The company also granted the initial purchasers of the notes an option to purchase up to an additional $60 million of notes. The offering is expected to close on January 11.
The net proceeds from the offering is expected to be around $413 million, or approximately $471 million.
Federal Realty intends to use around $17 million of the net proceeds to pay the cost of the capped call transactions.
The remaining proceeds will be used to repay debts and for general corporate purposes.
For comments and feedback: editorial@rttnews.com