Federal Realty Prices $425 Mln Senior Notes Offering

(RTTNews) - Federal Realty Investment Trust (FRT) announced that its operating partnership, Federal Realty OP LP, has priced and upsized the previously announced offering of $425 million, 3.25% exchangeable senior notes due 2029 in a private placement.

The company also granted the initial purchasers of the notes an option to purchase up to an additional $60 million of notes. The offering is expected to close on January 11.

The net proceeds from the offering is expected to be around $413 million, or approximately $471 million.

Federal Realty intends to use around $17 million of the net proceeds to pay the cost of the capped call transactions.

The remaining proceeds will be used to repay debts and for general corporate purposes.