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Spirit Realty unit issues $674M of notes

Spirit Realty Capital Inc.'s operating subsidiary closed the issuance of $674.4 million of notes under the company's Spirit Master Funding securitization program.

The issuance comprised $542.4 million of series 2017-1 class A 4.36% net-lease mortgage notes and $132.0 million of series 2017-1 class B 6.35% net-lease mortgage notes.

The company aims to apply the proceeds for general corporate purposes, including repayment of borrowings under its revolving line of credit and unsecured term loan, and for the payment of transaction-related costs.