Kite Realty Group Trust Completes $250 Million of Private Unsecured Notes
September 10 2015 - 4:05PM
Business Wire
Kite Realty Group Trust (NYSE:KRG) (the “Company”) and Kite
Realty Group, L.P. (the “Operating Partnership”) announced today
completion of the sale of a $250 million private placement of
senior unsecured notes (collectively the “notes” or “private
placement”) with a blended interest rate of approximately 4.41% and
a blended maturity of approximately 9.8 years.
The Operating Partnership issued $95 million in notes with an
8-year term, $80 million in notes with a 10-year term and $75
million in notes with a 12-year term. The 8-year, 10-year and
12-year notes will bear interest at fixed annual rates of 4.23%,
4.47% and 4.57%, respectively.
The Company intends to use the proceeds from the private
placement for repayment of amounts outstanding under its Unsecured
Revolving Credit Facility, other outstanding indebtedness and
general corporate purposes.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and
Wells Fargo Securities, LLC were Joint Placement Agents for the
offering.
“The execution of our unsecured debt offering further enhances
our investment grade balance sheet and continues our strategy of
creating maximum financial flexibility,” said Dan Sink, Chief
Financial Officer.
About Kite Realty Group
Trust
Kite Realty Group Trust is a full-service, vertically integrated
real estate investment trust engaged in the ownership, operation,
management, leasing, acquisition, construction, redevelopment and
development of neighborhood and community shopping centers in
selected markets in the United States. As of June 30, 2015, the
Company owned interests in a portfolio of 122 operating,
development and redevelopment properties totaling approximately 25
million total square feet across 22 states. For more information,
please visit the Company’s website at www.kiterealty.com.
Safe Harbor
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
are based on assumptions and expectations that may not be realized
and are inherently subject to risks, uncertainties and other
factors, many of which cannot be predicted with accuracy and some
of which might not even be anticipated. Future events and actual
results, performance, transactions or achievements, financial or
otherwise, may differ materially from the results, performance,
transactions or achievements, financial or otherwise, expressed or
implied by the forward-looking statements. Risks, uncertainties and
other factors that might cause such differences, some of which
could be material, include, but are not limited to: national and
local economic, business, real estate and other market conditions,
particularly in light of low growth in the U.S. economy, financing
risks, including the availability of and costs associated with
sources of liquidity, the Company’s ability to refinance, or extend
the maturity dates of, its indebtedness, the level and volatility
of interest rates, the financial stability of tenants, including
their ability to pay rent and the risk of tenant bankruptcies, the
competitive environment in which the Company operates, acquisition,
disposition, development, joint venture, property ownership and
management risks, the Company’s ability to maintain its status as a
real estate investment trust for federal income tax purposes,
potential environmental and other liabilities, impairment in the
value of real estate property the Company owns, risks related to
the geographical concentration of our properties in Florida,
Indiana and Texas, the dilutive effects of future offerings of
issuing additional securities, and other factors affecting the real
estate industry generally. The Company refers you to the documents
filed by the Company from time to time with the Securities and
Exchange Commission, specifically the section titled “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2014, which discuss these and other factors that could
adversely affect the Company’s results. The Company undertakes no
obligation to publicly update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150910005143/en/
Kite Realty Group TrustMedia & Investor RelationsMaggie
Kofkoff, CFA, 317-713-7644mkofkoff@kiterealty.com
Kite Realty (NYSE:KRG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kite Realty (NYSE:KRG)
Historical Stock Chart
From Apr 2023 to Apr 2024