COPT DEFENSE PROPERTIES (CDP): debt financing — Corporate Office Properties Trust issues $345M in 5.25% exchangeable notes due 2028

COPT DEFENSE PROPERTIES

Issued $345M aggregate principal (incl. $45M greenshoe) of 5.25% Senior Exchangeable Notes due 2028.
Net proceeds ~$336M; used for debt repayment, pre-funding development, and general corporate purposes.
Notes exchangeable at 33.3739 common shares per $1,000 principal (exchange price ~$29.96, 22.5% premium to $24.46 close).
Interest payable semi-annually March/September, beginning March 15, 2024; maturity September 15, 2028.
Entered into registration rights agreement requiring shelf registration or prospectus supplement within 90 days.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

COPT DEFENSE PROPERTIES incurred senior notes of $345 million with Wells Fargo Securities, LLC as representative of the initial purchasers at 5.25% per year maturing September 15, 2028.

Instrument: senior notes
Principal: $345 million
Counterparty: Wells Fargo Securities, LLC as representative of the initial purchasers
Rate: 5.25% per year
Maturity: September 15, 2028
Event: incurrence

Exact text from the filing

On September 12, 2023, Corporate Office Properties, L.P. (the "Issuer"), the operating partnership of Corporate Office Properties Trust (the "Guarantor"), issued $345 million aggregate principal amount of its 5.25% Exchangeable Senior Notes due 2028 (the "Notes"), which included $45 million principal amount of Notes purchased pursuant to the full exercise of the option granted to the Initial Purchasers (as defined below) pursuant to the Purchase Agreement (as defined below).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COPT DEFENSE PROPERTIES entered into Indenture with U.S. Bank Trust Company, National Association, as trustee (effective 2023-09-12).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Effective: 2023-09-12

Exact text from the filing

The Notes and the Guarantee were issued pursuant to an indenture, dated as of September 12, 2023 (the "Indenture"), among the Issuer, the Guarantor and U.S. Bank Trust Company, National Association, as trustee

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COPT DEFENSE PROPERTIES entered into Purchase Agreement with Wells Fargo Securities, LLC, as representative of the several initial purchasers named therein (effective 2023-09-07).

Action: entry
Agreement: notes offering
Counterparty: Wells Fargo Securities, LLC, as representative of the several initial purchasers named therein
Effective: 2023-09-07

Exact text from the filing

the Issuer and the Guarantor entered into a Purchase Agreement dated September 7, 2023 (the "Purchase Agreement") with Wells Fargo Securities, LLC, as representative of the several initial purchasers named therein

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COPT DEFENSE PROPERTIES filing history →

Source: SEC EDGAR

accession 0001104659-23-100781

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