- Agree Realty ( NYSE: ADC ) said Monday its operating partnership Agree Ltd Partnership priced a $300M public offering of 4.8% senior unsecured notes due 2032.
- The offering price was 99.171% of the principal amount for an effective yield to maturity of 4.904%.
- ADC expects to use net proceeds for general corporate purposes, including reducing outstanding amounts under its senior unsecured revolving credit facility and funding property acquisitions and development activity.
- "Taking into account the termination of our forward starting swaps, the notes have an effective all-in interest rate of ~3.76% and extend our weighted-average debt maturity to ~8 years, excluding the revolving credit facility," said CFO Peter Coughenour.
- The offering is expected to close on Aug. 22.
For further details see:
Agree Realty prices $300M senior note offering