AGREE REALTY CORP (ADC): debt financing — Agree Realty subsidiary issues $450M 5.625% Notes due 2034

AGREE REALTY CORP

Agree Limited Partnership issued $450M aggregate principal of 5.625% senior unsecured Notes due June 15, 2034.
Net proceeds to parent Agree Realty Corporation ~$440.8M after underwriting discount and expenses.
Notes guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries.
Interest payable semi-annually on June 15 and December 15, beginning December 15, 2024.
Issuer may redeem notes at make-whole premium prior to March 15, 2034, thereafter at par.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AGREE REALTY CORP incurred senior notes of $450 million with U.S. Bank Trust Company, National Association at 5.625% per annum maturing June 15, 2034.

Instrument: senior notes
Principal: $450 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 5.625% per annum
Maturity: June 15, 2034
Event: incurrence

Exact text from the filing

On May 13, 2024, Agree Limited Partnership (the “Issuer”), a Delaware limited partnership and subsidiary of Agree Realty Corporation, a Maryland corporation (the “Parent Guarantor”), completed an underwritten public offering of $450 million in aggregate principal amount of its 5.625% Notes due 2034 (the “Notes”).

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Source: SEC EDGAR

accession 0001104659-24-060580

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