Physicians Realty Trust's operating partnership closed on a $350.0 million offering of senior notes due Jan. 15, 2028, generating about $346.5 million in net proceeds.
The operating partnership issued the notes Dec. 1 at 99.779% of the principal amount. The notes will bear an annual interest rate of 3.950%, payable every Jan. 15 and July 15, starting July 15, 2018.
The net proceeds from the offering will go toward repaying outstanding debt under the operating partnership's unsecured revolving credit facility. The funds will also be used for working capital and real estate investments, among other general corporate purposes.
J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc. and Jefferies LLC were the representatives of the underwriters in the offering.
