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NORTH MIAMI BEACH, FL-Equity One has priced the sale of a $125-million principal amount of 6% senior unsecured notes that are due Sept. 15, 2016. The sale is scheduled to close this Friday, March 10, at a price of 99.277% with a yield to maturity of 6.094%.
At the time of the pricing, that represents a spread of 1.35% to the February 2016 Treasury note. All of the notes are rated Baa3 by Moody's Investor Service and BBB- by Standard & Poor's. According to a statement, the locally based shopping center REIT plans to use the net proceeds to repay existing debt under its unsecured revolving credit facility.
The joint book-running managers are: Banc of America Securities LLC, Deutsche Bank Securities Inc. and Wachovia Capital Markets Inc. Co-managers are: BB&T Capital Markets, a division of Scott & Stringfellow Inc., Comerica Securities Inc., Harris Nesbitt Corp., PNC Capital Markets Inc., SunTrust Capital Markets Inc. and Wells Fargo Securities LLC.
In mid-January, Equity One obtained a $275-million, three-year, unsecured revolving credit facility, which replaced a $340-million revolving credit facility that had an outstanding balance of $137.5 million. At that time, Howard Sipzner, EVP and CFO, told GlobeSt.com the company would use the new facility to pay off the outstanding balance, leaving the facility with 50% usage, which he said would fund acquisition and development activity.
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