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Ramco-Gershenson closes $75M notes private placement

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Ramco-Gershenson closes $75M notes private placement

Ramco-Gershenson Properties Trust wrapped up a private placement of $75 million of senior unsecured notes and recently repriced its $75 million term loan due 2021.

The company issued the notes in three tranches with terms of five, 10, and 12 years and a 4.46% weighted-average interest rate. It will use the proceeds to pay off two existing mortgages, without penalty, and for general corporate purposes.

The interest rate on the repriced loan decreased by 35 basis points for the rest of the term. Capital One NA led the term loan transaction.