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SL Green operating partnership prices $350M debt offering

The operating partnership of office real estate investment trust SL Green Realty Corp. priced an offering of $350 million of floating-rate notes due 2021 for about $347.4 million in expected net proceeds.

The notes will bear interest at a floating rate equal to the three-month London Interbank Offered Rate plus 0.98%.

SL Green Operating Partnership LP expects to close the offering Aug. 7 and aims to use the net proceeds to repay its parent's outstanding 5.00% senior notes due in August, with the rest to go toward general corporate purposes.

Deutsche Bank Securities Inc., BMO Capital Markets Corp. and TD Securities (USA) LLC are the joint book-running managers, with Barclays Capital Inc. and BNY Mellon Capital Markets LLC as co-managers of the offering.