Phillips Edison & Company Secures $350 Million in Senior Notes
Phillips Edison & Company Secures $350 Million in Senior Notes
CINCINNATI – Phillips Edison & Company, Inc. (Nasdaq: PECO), a leading name in grocery-anchored neighborhood shopping centers, has successfully priced a notable public offering amounting to $350 million in senior unsecured notes. These securities, carrying an interest rate of 4.950%, will mature on January 15, 2035.
The pricing of these notes was set at 98.458% of their principal amount, signaling a well-received interest from investors. With the expectation that the offering will settle shortly, the process is contingent on meeting standard closing conditions.
Planned Use of Proceeds
The funds generated from this offering are planned to support various corporate endeavors. Specifically, the Operating Partnership intends to allocate the net proceeds for general corporate purposes, which include acquisitions of additional properties, settling existing debts, and enhancing capital expenditures.
Focus on Growth and Expansion
Phillips Edison will prioritize using the funds to redevelop current properties and embark on new expansion projects. Additionally, before the funds are earmarked for these investments, they may be directed towards short-term securities, ensuring that the resources are managed prudently.
Strong Syndicate Behind the Offering
A team of reputable financial institutions acted as the joint book-running managers for this offering. Key players involved included J.P. Morgan, BMO Capital Markets, BofA Securities, US Bancorp, and several others who have contributed significantly to the smooth execution of this offering.
Ramirez and Co., Inc. complemented the elite group as a co-manager, further strengthening the team's capabilities to attract and prioritize investor interest.
Understanding the Notes Offering
These senior unsecured notes are made available under a shelf registration statement which Phillips Edison filed with the Securities and Exchange Commission (SEC). Investors interested in these notes should note that they are being offered solely through a specific prospectus supplement along with the accompanying prospectus.
Accessing Offering Documentation
Parties interested in obtaining information about the offering can find the preliminary prospectus supplement filed with the SEC. This documentation ensures transparency and provides potential investors with detailed insights into the offering's structure.
Potential investors can also reach out to the managers of the offering for further inquiries, ensuring they have all necessary information to make informed decisions.
About Phillips Edison & Company
Established in 1991, Phillips Edison & Company has carved a niche as one of the largest owners and operators of grocery-anchored neighborhood shopping centers nationwide. With a robust vertically-integrated operational platform, the company boasts an extensive portfolio comprising well-located shopping centers featuring prominent national and regional retailers.
As of mid-2024, Phillips Edison managed an impressive roster of 306 shopping centers across 31 states, amounting to a significant 32.6 million square feet of retail space. This expansive reach emphasizes the company’s commitment to creating vibrant shopping experiences to meet the demands of consumers and enhance community welfare.
Investors’ Relations
Phillips Edison values transparency and maintains open lines of communication for potential and existing investors. Interested parties can reach out to Kimberly Green, the Head of Investor Relations, for assistance and any inquiries related to the company’s operations or financial outlook.
Frequently Asked Questions
What type of notes is Phillips Edison offering?
Phillips Edison is offering $350 million in senior unsecured notes with a maturity date in 2035.
What will the proceeds from the offering be used for?
The proceeds will be utilized for general corporate purposes, including property acquisitions, debt repayments, and capital improvements.
Which financial institutions were involved in the offering?
Key financial institutions include J.P. Morgan, BMO Capital Markets, and BofA Securities among others.
What is the benefit of investing in Phillips Edison’s notes?
Investing in these notes offers access to a stable income through interest payments and potential growth aligned with Phillips Edison’s expansion strategy.
How can I learn more about the offering?
Prospective investors can access offering details through the prospectus filed with the SEC or contact the listed financial advisors for assistance.
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