VEREIT® Announces Pricing of $600 Million of Senior Notes
PHOENIX , June 18, 2020 |PRNewswire| -- VEREIT, Inc. (NYSE: VER ) ("VEREIT") announced today that its operating partnership, VEREIT Operating Partnership, L.P. (the "Operating Partnership" and, together with VEREIT, the "Company"), priced an offering of $600 million aggregate principal amount of 3.40% senior notes due 2028 (the "Notes") at an issue price of 99.144% of par value. Interest on the Notes will be payable in cash and will accrue at a rate of 3.40% per annum. The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by VEREIT. The offering of Notes is expected to close on June 29, 2020 , subject to the satisfaction of customary closing conditions. The Operating Partnership intends to use the net proceeds from the offering of the Notes to (i) make a distribution to VEREIT to fund the redemption of approximately $100 million of VEREIT's 6.70% Series F Cumulative Redeemable Preferred Stock and (ii) repay borrowings under its revolving credit facility contemporaneously with or shortly after the closing of the offering.
VEREIT® Announces Pricing of $600 Million of Senior Notes
PHOENIX , June 18, 2020 |PRNewswire| -- VEREIT, Inc. (NYSE: VER ) ("VEREIT") announced today that its operating partnership, VEREIT Operating Partnership, L.P. (the "Operating Partnership" and, together with VEREIT, the "Company"), priced an offering of $600 million aggregate principal amount of 3.40% senior notes due 2028 (the "Notes") at an issue price of 99.144% of par value. Interest on the Notes will be payable in cash and will accrue at a rate of 3.40% per annum. The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by VEREIT. The offering of Notes is expected to close on June 29, 2020 , subject to the satisfaction of customary closing conditions. The Operating Partnership intends to use the net proceeds from the offering of the Notes to (i) make a distribution to VEREIT to fund the redemption of approximately $100 million of VEREIT's 6.70% Series F Cumulative Redeemable Preferred Stock and (ii) repay borrowings under its revolving credit facility contemporaneously with or shortly after the closing of the offering.