Regency Centers Corp.'s operating partnership, Regency Centers LP, is offering $425 million of 2.950% senior unsecured notes due Sept. 15, 2029, at a price of 99.903%.
Interest on the notes is payable semiannually every March 15 and Sept. 15, starting March 15, 2020. The offering is expected to close Aug. 20.
The shopping center real estate investment trust plans to use the net proceeds to fully repay its outstanding $300 million term loan due Dec. 2, 2020; to reduce the outstanding balance on its line of credit; and to support general corporate functions.
U.S. Bancorp Investments Inc., BofA Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Wells Fargo Securities LLC are the joint book-running managers. PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Regions Securities LLC are the senior co-managers, while BB&T Capital Markets, BMO Capital Markets Corp., SMBC Nikko Securities America Inc., TD Securities (USA) LLC and Comerica Securities Inc. are the co-managers.