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Healthcare Realty Trust launches $300M senior notes offering

Healthcare Realty Trust Inc. plans to sell $300 million of its 3.625% senior unsecured notes due January 2028 and redeem all $300 million of its outstanding 5.75% senior notes due 2021.

The 2028 notes were priced at 99.153% of the principal amount, with a yield to maturity of 3.726%, for expected net proceeds of about $294.7 million.

Proceeds from the offering will be used to redeem the 2021 notes, with any remaining proceeds to be used for general corporate purposes, including repayment of outstanding borrowings under the company's unsecured credit facility.

The 2021 notes will be redeemed for an expected redemption price of $338.9 million, including accrued interest and make-whole provisions, which will also be funded with cash on hand and borrowings under the company's unsecured credit facility.

The company expects a roughly $32.7 million charge in the fourth quarter for early extinguishment of the notes.

The 2028 notes offering is expected to close Dec. 11, and the notes due 2021 are expected to be redeemed Dec. 27.

U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. were the joint book-running managers for the offering.

Barclays Capital Inc., BMO Capital Markets Corp., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC and Scotia Capital (USA) Inc. were the senior co-managers, while BB&T Capital Markets, Fifth Third Securities Inc. and FTN Financial Securities Corp. were the co-managers for the offering.