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Regency Centers closes $650M notes offering

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Regency Centers closes $650M notes offering

Regency Centers Corp.'s operating partnership closed a $650.0 million notes offering.

The offering, which closed Jan. 26, comprised $350.0 million of 3.600% notes due 2027 and $300.0 million of 4.400% notes due 2047. The 2027 and 2047 notes priced at 99.741% and 99.110%, respectively.

U.S. Bank NA, as successor to Wachovia Bank NA, was the trustee for the notes.

Regency said earlier that part of the net proceeds will be used to help consummate the company's pending merger with Equity One Inc.

Also, the commitments under a November 2016 commitment letter entered into by Regency and the operating partnership with J.P. Morgan Chase Bank NA that provides for $750.0 million of senior unsecured bridge loans were immediately and permanently reduced by roughly $389.1 million. After giving effect to such reduction, the aggregate commitment of JPMorgan under the commitment letter is about $360.9 million, according to a filing.

The proceeds from the bridge loans may also be used to refinance certain existing debt of Regency and Equity One and certain transaction-related fees and expenses.