WASHINGTON (dpa-AFX) - Thursday, Federal Realty Investment Trust (FRT) announced that its operating partnership, Federal Realty OP LP, has launched a $400 million private offering of exchangeable senior notes due 2031.
The company has also granted the initial purchasers of the notes an option to purchase, during 13 days beginning on and including the first date on which the notes are issued, up to an additional $60.0 million of notes.
The company intends to use the proceeds to pay the cost of certain capped call transactions, repay indebtedness, and for other corporate-related purposes.
Pending such use, the proceeds may be invested in short-term, income-producing investments or the company would use them to temporarily repay current and/or future amounts outstanding under its revolving credit facility.
In the pre-market hours, FRT is trading at $123.76, up 1.61 percent on the NYSE.
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