Regency Centers Corporation (Regency or the Company) (NASDAQ:REG) announced today that its operating partnership, Regency Centers, L.P., priced a public offering of $300 million 4.650% notes due 2049 (the Notes). The Notes are due March 15, 2049 and were priced at 99.661%. Interest on the Notes is payable semiannually on March 15 and September 15 of each year, with the first payment on September 15, 2019.
The Company intends to use the net proceeds of the offering (i) to repay in full its outstanding $250 million 4.80% notes due April 15, 2021, including a make-whole premium of approximately $9.6 million and accrued interest of approximately $5.5 million, (ii) to repay approximately $39.5 million in a 2020 mortgage maturity with an average interest rate of 7.3%, including a prepayment premium of approximately $1.0 million, and (iii) for general corporate purposes. Settlement of the offering is subject to the satisfaction of customary closing conditions and is expected to occur on March 6, 2019.
Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. are acting as the joint book-running managers. PNC Capital Markets LLC, Mizuho Securities USA LLC, and Regions Securities LLC are acting as senior co-managers. BB&T Capital Markets, a division of BB&T Securities, LLC, BMO Capital Markets Corp., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and Comerica Securities, Inc. are acting as co-managers.
This offering will be made under Regency Centers, L.P.s and the Companys effective shelf registration statement filed with the Securities and Exchange Commission and only by means of a prospectus supplement and accompanying prospectus meeting the requirements of Section 10 of the Securities Act of 1933. Copies of these documents may be obtained by contacting the underwriters at (i) Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, toll-free: (800) 645-3751 or email: [email protected]; (ii) Merrill Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, email: [email protected]; (iii) J.P. Morgan Securities LLC, 383 Madison Ave., New York, NY 10179, Attention: Investment Grade Syndicate Desk, telephone: (212) 834-4533. Alternatively, you may request copies of these documents without charge from the SEC by visiting www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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About Regency Centers Corporation
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member.
Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
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