Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-238729
Relating to Preliminary Prospectus Supplement
Dated May 5, 2021 to Prospectus Dated May 27, 2020
Agree Limited Partnership
$350,000,000 2.000% Notes due 2028 (the “2028 Notes”)
$300,000,000 2.600% Notes due 2033 (the “2033 Notes”)
May 5, 2021
Pricing Term Sheet
Issuer: | Agree Limited Partnership | |
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Guarantors: | Agree Realty Corporation, the sole general partner of Agree Limited Partnership, and certain of Agree Limited Partnership’s existing and future subsidiaries | |
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Security Title: | 2.000% Notes due 2028 | 2.600% Notes due 2033 |
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Expected Ratings (Moody’s / S&P)*: | Baa2 (Positive) / BBB (Stable) | Baa2 (Positive) / BBB (Stable) |
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Aggregate Principal Amount: | $350,000,000 | $300,000,000 |
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Stated Maturity Date: | June 15, 2028 | June 15, 2033 |
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Public Offering Price: | 99.265% of the principal amount of the 2028 Notes | 99.136% of the principal amount of the 2033 Notes |
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Coupon (Interest Rate): | 2.000% per annum | 2.600% per annum |
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Yield to Maturity: | 2.112% | 2.684% |
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Benchmark Treasury: | UST 1.250% due April 30, 2028 | UST 1.125% due February 15, 2031 |
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Benchmark Treasury Price and Yield: | 99-29+ / 1.262% | 95-27+ / 1.584% |
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Spread to Benchmark Treasury: | +85 basis points | +110 basis points |
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Interest Payment Dates: | June 15 and December 15 of each year, beginning on December 15, 2021 | June 15 and December 15 of each year, beginning on December 15, 2021 |
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Optional Redemption: | · Prior to April 15, 2028 (two months prior to the Stated Maturity Date of the 2028 Notes), “make-whole” call at T+15 basis points (calculated as though the actual Stated Maturity Date of the 2028 Notes was April 15, 2028)
· On or after April 15, 2028 (two months prior to the Stated Maturity Date of the 2028 Notes), par call | · Prior to March 15, 2033 (three months prior to the Stated Maturity Date of the 2033 Notes), “make-whole” call at T+20 basis points (calculated as though the actual Stated Maturity Date of the 2033 Notes was March 15, 2033)
· On or after March 15, 2033 (three months prior to the Stated Maturity Date of the 2033 Notes), par call |
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CUSIP / ISIN: | 008513 AB9 / US008513AB91 | 008513 AC7 / US008513AC74 |
Trade Date: | May 5, 2021 |
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Settlement Date: | May 14, 2021 (T+7); under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the 2028 Notes or the 2033 Notes before the second business day prior to the Settlement Date will be required, by virtue of the fact that the 2028 Notes and the 2033 Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters. |
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Joint Book-Running Managers: | Citigroup Global Markets Inc. PNC Capital Markets LLC |
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Co-Managers: | J.P. Morgan Securities LLC Stifel, Nicolaus & Company, Incorporated Capital One Securities, Inc. Mizuho Securities USA LLC Truist Securities, Inc. U.S. Bancorp Investments, Inc. |
* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The Issuer has filed a registration statement and a prospectus with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus and the related preliminary prospectus supplement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the underwriters can arrange to send you the prospectus and related preliminary prospectus supplement if you request it by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751. This information does not purport to be a complete description of these securities or the offering. Please refer to the preliminary prospectus supplement for a complete description of the securities. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
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