VEREIT (VER) prices $600 million senior notes due 2028.
VEREIT (VER) announced today that it has priced an offering of $600 million senior notes due 2028. The notes were priced at a discount to yield 3.53%, or 300 basis points over the treasury curve. Proceeds from the offering will fund the redemption of approximately $100 million of VER's outstanding 6.70% Series F Preferred Stock, with remaining amounts used to repay borrowings under the company's revolving credit facility. The company also said that offering proceeds may be used to fund the partial or full redemption of its 3.75% Convertible Senior Notes due 2020.