EastGroup Properties issues $150M in senior notes at 4.90%/4.95% due 2033/2034

EASTGROUP PROPERTIES INC

$75M of 4.90% Series A Senior Notes due Oct 12, 2033; $75M of 4.95% Series B Senior Notes due Oct 12, 2034.
Notes are unsecured obligations fully guaranteed by certain subsidiaries of EastGroup.
Covenants include total liabilities ≤60% of asset value, secured debt ≤40%, and dividend cap at 90% of FFO.
Sale expected to close on or before October 12, 2022; notes issued via private placement.

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