Site Centers Corp. said its cash offer for up to $250 million of its 4.625% notes due 2022 was oversubscribed as of the offering's early tender deadline of Dec. 12.
In a press release, the shopping center real estate investment trust said $364.6 million of the notes have been tendered. The total consideration for the tendered notes as of the early tender deadline is equivalent to plus 75 basis points over the yield based on the bid-side price of 2.875% U.S. Treasury Security due Nov. 30, 2023. The total consideration includes an early tender premium of $30.00 per $1,000 principal amount of the notes accepted for the acquisition.
Settlement of the payment for the notes is expected by Dec. 14, the REIT added.
J.P. Morgan Securities LLC is the dealer manager for the offering, for which D.F. King & Co. Inc. functions as the information agent and tender agent.