BLOOMFIELD HILLS, Mich.,
May 28, 2015 /PRNewswire/
-- Agree Realty Corporation (NYSE: ADC) announced today
that it has completed a private placement of $100 million principal amount of senior unsecured
notes. The notes were sold in two series, including
$50 million of 4.16% notes due
May 30, 2025 (the "Series A Notes")
and $50 million of 4.26% notes due
May 30, 2027 (the "Series B
Notes"). The weighted average term of the notes is 11.0 years
and the weighted average interest rate is 4.21%.
Proceeds from the issuance were used to repay borrowings under
the Company's unsecured revolving credit facility and for general
corporate purposes.
Pro forma for the issuance, the Company's balance sheet
continues to be among the strongest in the net lease REIT sector
based on the following measures:
- Weighted-average debt maturity: 7.2 years(1)
- Weighted-average interest rate: 4.06%(1)
- Percent fixed rate debt: 100%(1)(2)
- Borrowing availability under $150
million unsecured revolving credit facility: $140 million
"We are very pleased to complete the Company's first unsecured
bond offering," said Joey Agree, President and CEO. "This
transaction represents an important component of our financing
strategy as it further enhances our balance sheet with long-term,
fixed-rate debt, demonstrates our ability to access new sources of
capital and supports the continued growth of the Company."
Jefferies LLC acted as sole placement agent on the
transaction.
(1)
|
Excludes the
Company's unsecured revolving credit facility.
|
(2)
|
Includes floating
rate debt that has been swapped to fixed rate.
|
|
|
About Agree Realty Corporation
Agree Realty is
primarily engaged in the acquisition and development of properties
net leased to industry leading retail tenants. The Company
currently owns and operates a portfolio of 243 properties, located
in 39 states and containing approximately 4.8 million square feet
of gross leasable space. The common stock of Agree Realty
Corporation is listed on the New York Stock Exchange under the
symbol "ADC".
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SOURCE Agree Realty Corporation