Agree Realty Prices $650 Million of Dual-Tranche Senior Unsecured Notes BLOOMFIELD HILLS, Mich. , May 5, 2021 |PRNewswire| -- Agree Realty Corporation (NYSE: ADC ) (the "Company") today announced that its operating partnership, Agree Limited Partnership (the "Operating Partnership"), priced a public offering of $350 million of 2.000% senior unsecured notes due 2028 (the "2028 Notes") and $300 million of 2.600% senior unsecured notes due 2033 (the "2033 Notes" and, together with the 2028 Notes, the "Notes"). The public offering price for the 2028 Notes was 99.265% of the principal amount for an effective yield to maturity of 2.112%, and the public offering price for the 2033 Notes was 99.136% of the principal amount for an effective yield to maturity of 2.684%. The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by the Company and certain of their subsidiary guarantors. This offering is expected to close on May 14, 2021 , subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from this offering to repay amounts outstanding under its senior unsecured revolving credit facility and under its unsecured term loans, including accrued and unpaid interest, and settle certain swap agreements, including swap termination costs, in each case, contemporaneously with, or shortly after, the closing of this offering.