Issuance of 4.650% Notes due 2049
On February 25, 2019, Regency Centers, L.P. (“RCLP”) and Regency Centers Corporation (“Regency”), the general partner of RCLP, entered into an Underwriting Agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, as representative of the several underwriters named therein, pursuant to which RCLP agreed to issue and sell an aggregate of $300,000,000 principal amount of its 4.650% Notes due 2049 (the “Notes”) priced to the public at 99.661% of principal amount. The Notes will be guaranteed as to the payment of principal and interest by Regency. The offering of the Notes is expected to close on March 6, 2019.
The Notes will bear interest at a rate of 4.650% per annum and mature on March 15, 2049. Interest on the Notes will be payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2019, to holders of record on the immediately preceding March 1 and September 1.
The Notes will be issued pursuant to the terms of an Indenture dated as of December 5, 2001, as supplemented by the First Supplemental Indenture dated as of June 5, 2007, the Second Supplemental Indenture dated as of June 2, 2010, the Third Supplemental Indenture dated as of August 17, 2015, the Fourth Supplemental Indenture dated as of January 26, 2017 and the Fifth Supplemental Indenture to be dated as of March 6, 2019, each among RCLP, Regency, as guarantor, and U.S. Bank National Association, as trustee.
The foregoing is not a complete discussion of the Underwriting Agreement and is qualified in its entirety by reference to the full text of the Underwriting Agreement attached to this Current Report on Form8-K as Exhibit 1.1, which is incorporated herein by reference.
Redemption of 4.80% Notes due 2021
On February 26, 2019, RCLP notified U.S. Bank National Association, as trustee, of its intent to redeem on March 30, 2019 the entire $250 million outstanding of 4.80% Notes due 2021. The redemption price will be determined in accordance with the applicable indenture and is expected to be approximately $265.2 million including accrued and unpaid interest through the proposed redemption date and a make-whole amount as defined in such indenture.
| Item 9.01 | Financial Statements and Exhibits |
