JACKSONVILLE, Fla.--(BUSINESS WIRE)--Regency Centers Corporation (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 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.
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.
