EPR Properties said roughly $217.7 million of its 5.750% senior notes due July 15, 2022, had been validly tendered as of the expiration of its tender offer for the notes on Aug. 14.
The notes validly tendered represent 62.19% of the $350 million aggregate principal amount of the notes subject to the offer. Payment for the purchased notes is expected on or around Aug. 15.
The diversified real estate investment trust said it plans to redeem on Sept. 16 any outstanding notes not tendered in the offer.
Separately, EPR closed the $500 million offering of its 3.750% senior notes due Aug. 15, 2029. Interest on the 2029 notes is payable semiannually in arrears every Feb. 15 and Aug. 15, starting Feb. 15, 2020.
The REIT said it will use part of the net proceeds from the 2029 notes offering to finance the aforementioned tender offer and redemption.
Citigroup Global Markets Inc. was the dealer manager for the tender offer.