Phillips Edison & Company Secures $350 Million in Senior Notes
CINCINNATI – Phillips Edison & Company, Inc. (Nasdaq: PECO), a prominent player in grocery-anchored neighborhood shopping centers, has successfully completed a public offering of $350 million in senior unsecured notes. These notes carry an interest rate of 4.950% and are set to mature on January 15, 2035.
The notes were priced at 98.458% of their principal amount, indicating strong interest from investors. The offering is expected to settle soon, pending the fulfillment of standard closing conditions.
Intended Use of Proceeds
The proceeds from this offering are earmarked for a variety of corporate initiatives. Specifically, the Operating Partnership plans to utilize the net funds for general corporate purposes, which encompass acquiring additional properties, paying down existing debts, and enhancing capital expenditures.
Emphasis on Growth and Expansion
Phillips Edison aims to prioritize the redevelopment of existing properties and the initiation of new expansion projects. Before these funds are allocated to such investments, they may initially be directed towards short-term securities, ensuring careful management of the resources.
Strong Syndicate Supporting the Offering
A group of esteemed financial institutions served as the joint book-running managers for this offering. Notable participants included J.P. Morgan, BMO Capital Markets, BofA Securities, US Bancorp, and others, all of whom played a crucial role in the successful execution of this offering.
Ramirez and Co., Inc. joined this distinguished group as a co-manager, further enhancing the team's ability to attract and prioritize investor interest.
Understanding the Notes Offering
The senior unsecured notes are available under a shelf registration statement that Phillips Edison has filed with the Securities and Exchange Commission (SEC). Investors interested in these notes should be aware that they are being offered solely through a specific prospectus supplement along with the accompanying prospectus.
Accessing Offering Documentation
Those interested in learning more about the offering can find the preliminary prospectus supplement filed with the SEC. This documentation ensures transparency and provides potential investors with comprehensive insights into the offering's structure.
Potential investors are also encouraged to reach out to the offering managers for further inquiries, ensuring they have all the necessary information to make informed decisions.
About Phillips Edison & Company
Founded in 1991, Phillips Edison & Company has established itself as one of the largest owners and operators of grocery-anchored neighborhood shopping centers in the United States. With a solid vertically-integrated operational platform, the company boasts a diverse portfolio of well-located shopping centers that feature prominent national and regional retailers.
As of mid-2024, Phillips Edison manages an impressive collection of 306 shopping centers across 31 states, totaling 32.6 million square feet of retail space. This extensive reach highlights the company’s dedication to creating vibrant shopping experiences that cater to consumer needs and enhance community well-being.
Investors’ Relations
Phillips Edison is committed to transparency and maintains open communication channels for both potential and existing investors. Interested individuals can contact Kimberly Green, the Head of Investor Relations, for assistance with 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 that will mature in 2035.
What will the proceeds from the offering be used for?
The proceeds will be allocated for general corporate purposes, including property acquisitions, debt repayments, and capital improvements.
Which financial institutions were involved in the offering?
Key financial institutions involved 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 provides access to 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 find offering details in the prospectus filed with the SEC or contact the listed financial advisors for assistance.