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St. Joe's New $175M Debt Issue Sells Quickly

JACKSONVILLE, FL-Wachovia Securities of Atlanta handled the private placement of a series of senior notes maturing from three to 10 years. The money will be used to reduce other debt and for general corporate purposes.

By Alex Finkelstein | Updated on February 11, 2002

JACKSONVILLE, FL-St. Joe Co., the largest commercial real estate organization in Florida, had no trouble on Wall Street acquiring $175 million of fresh operating funds.

The locally based firm sold a series of senior notes that will be maturing in three-year to 10-year stages. Wachovia Securities of Atlanta handled the private placement. The entire issue was sold.

“JOE (the firm’s New York Stock Exchange symbol) received a great reaction from institutional investors, particularly as they have become more familiar with us and the unique competitive advantages we enjoy (in the commercial real estate marketplace),” Peter S. Rummell, St. Joe chairman/CEO, says in a prepared statement.

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