KRG - Kite Realty Group Trust Announces Pricing of $350 Million Senior Notes Offering | Benzinga
INDIANAPOLIS, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE:KRG) (the "Company") announced today that, on January 12, 2024, its operating partnership, Kite Realty Group, L.P. (the "Operating Partnership"), priced an offering of $350 million aggregate principal amount of 5.500% Senior Notes due 2034 (the "Notes") in an underwritten public offering. The Notes will be issued at 98.670% of par value with a yield to maturity of 5.673%. Interest on the Notes is payable semi-annually on March 1 and September 1 of each year, beginning on September 1, 2024. The offering is expected to close on January 17, 2024, subject to the satisfaction of customary closing conditions.
The Operating Partnership intends to use the net proceeds from this offering to repay outstanding indebtedness and for general corporate purposes.
J.P. Morgan, Wells Fargo Securities, PNC Capital Markets LLC, BofA Securities, Citigroup, Goldman Sachs & Co. LLC and KeyBanc Capital Markets acted as joint book-running managers for the offering. Regions Securities LLC, TD Securities and US Bancorp served as senior co-managers for the offering. Capital One Securities, Ramirez & Co., Inc., Scotiabank and Truist Securities served as co-managers for the offering.
The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission (the "SEC"), which became effective on November 16, 2021. A preliminary prospectus supplement relating to the offering has been filed with the SEC.
The offering may be made only by means of a prospectus and related prospectus supplement. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained, when available, by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Investment Grade Syndicate Desk – 3rd Floor, by telephone collect at 1-212-834-4533, Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Email: wfscustomerservice@wellsfargo.com, by telephone (toll free) at 1-800-645-3751, or PNC Capital Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, Pennsylvania 15222, by telephone (toll free) at 1-855-881-0697.