Spirit Realty (SRC) prices $450 million 10-year bond offering.

Spirit Realty Capital, Inc. announced that it has priced an offering of $450 million 3.20% senior unsecured notes due 2031.  The issue is being priced at a discount to yield 3.313%, or +275 basis points to the treasury curve.  SRC said that approximately half of the proceeds would be used to reduce bank term loan borrowings, with the remainder available for general working capital purposes including acquisitions.

Spirit Realty owns and manages a diverse portfolio of retail, office and industrial properties operating under net-lease agreements with over 250 tenants in 48 states. As of June 30, 2020, the company's portfolio included 1,771 owned properties and investments in mortgage loans secured by 43 properties.  SRC is a member of the S&P MidCap 400 index and has a total market capitalization of approximately $6.2 billion..